Abstract: Large-deformation pipeline steel is a critical material for oil and gas pipelines traversing geologically sensitive areas such as seismic zones, active faults, and permafrost regions. Its research, development, and engineering applications have become a global focus in pipeline engineering. Traditional pipeline steel increasingly shows limitations in deformation capacity, prompting the development of large-deformation pipeline steel and resulting in significant recent innovations. Key technological advances include dual-phase microstructure control and the integrated design of hydrogen-induced cracking resistance with large-deformation capacity. This study reviews the current research on large-deformation pipeline steel, including its microstructure and properties, embrittlement mechanisms, and fracture behavior. It also compares key application technologies at home and abroad, and discusses future development directions. Ongoing challenges include balancing toughness and plasticity in ultra-high-strength steel and promoting technological integration across the industry chain to support energy corridor construction.