-We present a path integral formalism to compute potentials for nonequilibrium steady states, reached by a multiplicative stochastic dynamics. We develop a weak-noise expansion, which allows the explicit evaluation of the potential in arbitrary dimensions and for any stochastic prescription. We apply this general formalism to study noise-induced phase transitions. We focus on a class of multiplicative stochastic lattice models and compute the steady state phase diagram in terms of the noise intensity and the lattice coupling. We obtain, under appropriate conditions, an ordered phase induced by noise. By computing entropy production, we show that microscopic irreversibility is a necessary condition to develop noise-induced phase transitions. This property of the nonequilibrium stationary state has no relation with the initial stages of the dynamical evolution, in contrast with previous interpretations, based on the short-time evolution of the order parameter.Introduction. -Nonequilibrium statistical mechanics is at the stem of important physical phenomena, many of them at the border with other sciences such as biology, chemistry, geology and even social sciences. Differently from equilibrium statistical mechanics, there is no closed theoretical framework to deal with out-of-equilibrium systems, being the theory of stochastic processes [1] one of the natural approaches to describe them. These systems have been traditionally modeled by stochastic differential equations, as well as through Fokker-Planck equations. Moreover, functional path integral approaches have also been introduced [2]. The latter approach is more adaptive to explore symmetries and general formal aspects of stochastic dynamics, such as out-of-equilibrium fluctuations theorems [3][4][5].