As one of largest energy consumption sector, China iron and steel (I&S) industry is facing with tremendous pressure on energy conservation and emission reduction. However, a systematic roadmap and practicable control strategies to guide the work of energy conservation and emission reduction of China I&S industry have not been reported. In this paper, the path of energy conservation in China I&S is established by the idea of “goal–key points–pathways–policies.” The goal is energy saving potential in the target year, key points are controlling the steel production and improving energy efficiency, and the three pathways are energy conservation by the stock transformation of large and medium-sized advanced capacity, eliminating the small-sized backward capacity, and increasing high efficient capacity, respectively. Through the study on the energy conservation paths of China I&S industry in 2020 and 2025, and the results show that the energy saving potential in 2020 is 36 million tons of coal equivalent, the contribution shares of three pathways are 47.9%, 31.9%, and 20.2%, respectively; the energy saving potential in 2025 is 44 million tons of coal equivalent, and the contribution shares of three pathways are 51.1%, 34.1%, and 14.8%, respectively. Therefore, in the next few years, upgrading large and medium-sized advanced capacity has the largest contribution share of energy conservation in three pathways. The implementation of energy conservation mainly relies on the stock energy saving of the first two pathways. The key policy strategies should be promoting advanced energy-saving technology and phasing out backward production capacity in the next few years. Moreover, enhancing industrial concentration, promoting the EAF production, and optimizing the product structure should be encouraged to implement the energy-saving pathways.