Hydrogen energy has a revolutionary impact on China’s energy structure and consumption system. The hydrogen metallurgy process relying on a hydrogen-based shaft furnace is an effective way to optimize the steel process flow, energy structure, and product structure. It is also a fundamental and disruptive cutting-edge technology for China’s steel industry to achieve carbon neutrality. Based on an overview of the current research and development status of hydrogen metallurgy technologies in China and abroad, this article clarified the prospect of hydrogen metallurgy technologies and analyzed the key issues that constrained the development of the hydrogen-based shaft furnace process in China. On this basis, suggestions for addressing the challenges were proposed.