Microbial metal corrosion has become an important topic in metal research, which is one of the main causes of equipment damage, energy loss, and economic loss. At present, the research on microbial metal corrosion focuses on the characteristics of corrosion products, the environmental conditions affecting corrosion, and the measures and means of corrosion prevention, etc. In contrast, the main microbial taxa involved in metal corrosion, their specific role in the corrosion process, and the electron transfer pathway research are relatively small. This paper summarizes the mechanism of microbial carbon steel corrosion caused by SRB, including the cathodic depolarization theory, acid metabolite corrosion theory, and the biocatalytic cathodic sulfate reduction mechanism. Based on the reversible nature of electron transfer in biofilms and the fact that electrons must pass through the extracellular polymers layer between the solid electrode and the cell, this paper focuses on three types of electrochemical mechanisms and electron transfer modes of extracellular electron transfer occurring in microbial fuel cells, including direct-contact electron transfer, electron transfer by conductive bacterial hair proteins or nanowires, and electron shuttling mediated by the use of soluble electron mediators. Finally, a more complete pathway of electron transfer in microbial carbon steel corrosion due to SRB is presented: an electron goes from the metal anode, through the extracellular polymer layer, the extracellular membrane, the periplasm, and the intracellular membrane, to reach the cytoplasm for sulfate allosteric reduction. This article also focuses on a variety of complex components in the extracellular polymer layer, such as extracellular DNA, quinoline humic acid, iron sulfide (FeSX), Fe3+, etc., which may act as an extracellular electron donor to provide electrons for the SRB intracellular electron transfer chain; the bioinduced mineralization that occurs in the SRB biofilm can inhibit metal corrosion, and it can be used for the development of green corrosion inhibitors. This provides theoretical guidance for the diagnosis, prediction, and prevention of microbial metal corrosion.