High-manganese austenitic steel represents an innovative variety of low-temperature steel used in the construction of liquefied natural gas (LNG) storage tanks. This steel boasts remarkable characteristics such as exceptional plasticity, superior toughness at cryogenic temperatures, and robust fatigue resistance, all while providing significant cost benefits. By utilizing high-manganese steel, the material manufacturing costs can be considerably lowered, simultaneously ensuring the long-term stability and safety of LNG storage tanks. The alloying design is pivotal in attaining superior performance in high-manganese steel. Choosing the right chemical components to control the stacked fault energy (SFE) of high-manganese steel and fine-tuning its structure can further improve the balance between strength and plasticity. Summarizing the advancements in alloying design for high-manganese steel is of great importance, as it offers a foundational dataset for correlating the chemical composition with the performance. Therefore, this paper outlines the deformation mechanisms and the principles of low-temperature brittleness in high-manganese austenitic steel, and from this foundation, it explicates the precise functions of alloying elements within it. This aims to provide a reference for future alloying designs and the industrial deployment of high-manganese steel in LNG storage tanks.