As the maritime industry’s emphasis on sustainable fuels has increased, liquid hydrogen (LH2) has emerged as a promising alternative due to its high energy density and zero-emission characteristics. While the experience of using natural gas in ships can serve as a basis for the introduction of hydrogen, the different risks associated with the two fuels must also be considered. This review article provides a methodology for selecting suitable metal materials for shipboard LH2 storage and piping systems based on operational requirements. The effects of both liquid and gaseous hydrogen environments on metal materials are first comprehensively reviewed. The minimum requirements for metal materials in liquefied natural gas (LNG) storage systems, as stipulated in the IGC and IGF codes, were used as a baseline to establish minimum requirements for liquid hydrogen. The applicability of austenitic stainless steel, a representative metal material for cryogenic use, to a liquid hydrogen environment according to nickel content was examined. In order to apply liquid hydrogen to the marine environment, the minimum requirements for liquid hydrogen were organized based on the minimum requirements for metal materials in the LNG storage system covered by the IGC and IGF codes. Finally, to expand the material selection criteria for low-temperature cargo and fuel storage facilities at sea, slow strain tensile testing, fatigue life, and fracture toughness considering the hydrogen environment and cryogenic temperature were derived as evaluation items.