Over the course of the past 150 years, since the first iron- and steel-based bridge was constructed in 1868, Japan has become one of the most advanced countries in the construction of steel structures. Various innovative and elegant steel structures were constructed in the past such as the world's longest suspension bridge called the Akashi Kaikyo Bridge. The advances of steel structures were attributed to a significant extent to the development of high-performance steels. Such materials developed in Japan were characterized by three types of versatilities: strength, functional, and sectional. Some examples of such materials include fairly high and low strength steels, high-bridge performance steel, seismic-resistant steel, fire-resistant steel, and size-flexible H-shaped beam. In Japan, these steel material innovations enabled the progress in steel structures to leap forward and in turn challenging new structures gave birth to further advancements in steel materials. In this paper, the advancements of steel structures and materials were reviewed, focusing largely on the steel materials and their contributions to the construction of steel structures. In addition, in light of recently developed innovative steels and their strength-increasing potential, the further advancements of steel materials were suggested for the future innovations of steel structures.