Austin held nineteen championships throughout his professional wrestling career, and is recognized by WWE as a six-time world champion, having held the WWF Championship on six occasions, and the fifth Triple Crown Champion. He was also the winner of the 1996 King of the Ring tournament, as well as the 1997, 1998 and 2001 Royal Rumbles. He was forced to retire from in ring competition in early 2003 due to a series of knee and neck injuries sustained throughout his career. Throughout the rest of 2003 and 2004, he was featured as the Co-General Manager and "Sheriff" of Raw. Since 2005, he has continued to make part-time appearances.

Austin was born Steven James Anderson in Victoria, Texas. After his father left the family, his mother, Beverly, re-married to Ken Williams, and Austin adopted his stepfather's surname. After attending Schaumburg High School, Austin got a football scholarship at Wharton County Junior College, followed by a full scholarship at North Texas State University. Austin played four full years of football, but dropped out of NTSU after his football eligibility ended because he was short of graduating and no longer desired to be in school.

After some time, Austin decided to become a professional wrestler and enrolled at the wrestling school run by Chris Adams, whose school was run out of the Dallas Sportatorium where he was wrestling for World Class Championship Wrestling. Austin made his debut in World Class in 1989 under his real name, but was later given the name "Steve Austin" by Memphis-area booker Dutch Mantel. Austin's run in Memphis was part of the merger between World Class and the Continental Wrestling Association out of Memphis, with the combined company known as the United States Wrestling Association. Austin would eventually return to Dallas and feud with Adams, with Percy Pringle and Jeannie Adams (Adams' real-life former wife and Austin's girlfriend at the time) as his valets. It was during this time Austin adopted the "Stunning" nickname that followed him to WCW.

Austin left WCCW after its final folding in 1990 and signed with WCW the next year. He was originally paired with a valet named Vivacious Veronica, but was later joined by Jeannie Adams as "Lady Blossom". Austin defeated Bobby Eaton for the WCW World Television Championship on June 3, 1991, just weeks after his debut. In late 1991, Austin joined Paul E. Dangerously's Dangerous Alliance. Austin lost the WCW Television Championship to Barry Windham in a two out of three falls match on April 27, 1992. He regained the title from Windham on May 23, 1992. Austin enjoyed a second lengthy reign before losing to Ricky Steamboat on September 2, 1992. The Dangerous Alliance disbanded shortly thereafter. At Halloween Havoc, he replaced Terry Gordy, teaming with "Dr. Death" Steve Williams to wrestle Dustin Rhodes and Barry Windham for the unified WCW and NWA World Tag Team title. The teams wrestled to a thirty minute time limit draw.

In January 1993, Austin formed a tag team with Brian Pillman known as The Hollywood Blonds. The Blonds won the WCW World Tag Team Championship on March 3, 1993, defeating Ricky Steamboat and Shane Douglas. The Hollywood Blonds held the title for five months. At Clash of the Champions XXIII the Blonds faced Ric Flair and Arn Anderson in a two out of three falls tag Team title match. Flair and Anderson defeated the Blonds, but were not awarded the title as one fall had been determined by a disqualification. At Clash of the Champions XXIV, Austin and Pillman were scheduled to defend the title against Anderson and Paul Roma. An injured Pillman, however, was replaced by Steven Regal. Austin and Regal lost to Anderson and Roma. With Pillman still injured, Austin joined Colonel Robert Parker's Stud Stable. After Pillman returned, Austin betrayed and defeated him in a singles match at Clash of the Champions XXV.

At Starrcade, in a two out of 3 falls match, Austin defeated Dustin Rhodes in two straight falls to win the WCW United States Heavyweight Championship. Austin lost the title to Ricky Steamboat on August 24, 1994. Austin was scheduled to face Steamboat in a rematch for the title at Fall Brawl, but Steamboat was unable to wrestle due to a back injury, and Austin was awarded the title by forfeit. His second reign ended just minutes later when he lost to Steamboat's replacement, Jim Duggan in a match that lasted thirty-five seconds. Austin unsuccessfully challenged Duggan for the United States Championship at Halloween Havoc 1994 and Clash of the Champions XXIX. After returning from a knee injury in early 1995, Austin took part in a tournament for the vacant WCW United States Heavyweight title, where he defeated Duggan via count out in the first round, but lost to Randy Savage in the quarterfinals.

In 1995, Austin was fired by WCW Vice President Eric Bischoff, after suffering a triceps injury, while wrestling on a Japanese tour; Bischoff and WCW did not see Austin as a 'marketable' wrestler. Austin described his opinion on being fired over the phone as Eric Bishoff taking the coward's way out. Eventually, Austin was contacted by Paul Heyman of Extreme Championship Wrestling (ECW), who had managed him in WCW. Heyman hired Austin to do in-ring interviews, as he still had not recovered from his injury enough to wrestle. While in ECW, Austin used the platform to develop his future "Stone Cold" persona as well as a series of vignettes running down WCW in general and Bischoff in particular.

While with ECW, Austin was known as "Superstar" Steve Austin. He had a match with The Sandman and feuded with Mikey Whipwreck. Whipwreck, who was the ECW World Heavyweight Champion at the time, defeated Austin at November to Remember. The Sandman defeated Steve Austin and Whipwreck in a Triple Threat match at December to Dismember in 1995 for the ECW World Heavyweight Championship.

In late 1995, Austin joined the World Wrestling Federation (WWF) after Kevin Nash and Jim Ross helped convince WWF's owner Vince McMahon to hire him. Initially, Austin wrestled as "The Ringmaster" and was managed by Ted DiBiase, who awarded him with the Million Dollar Championship. Stone Cold Steve Austin defeated Savio Vega at WrestleMania XII. During this time, Austin shaved his head bald. At In Your House: Beware of Dog, Austin lost a "Caribbean Strap match" to Vega. In accordance to the pre-match stipulations, DiBiase was forced to leave the WWF, giving Austin the opportunity to forge his own path. Austin later told announcer Dok Hendrix (Michael P.S. Hayes) that he had purposely lost the match in order to rid himself of his manager.

Austin's genuine rise to superstardom began at the 1996 King of the Ring. Austin began using his trademark finishing maneuver, the Stone Cold Stunner; with this new technique, he won the King of the Ring tournament, receiving a push originally intended for Triple H, but taken away from him after an incident the month before. After defeating Marc Mero in the semi-finals, Austin defeated Jake "The Snake" Roberts in the finals. At the time, Roberts was portraying a born-again Christian, so after the match, Austin cut a now famous promo during his coronation, telling Roberts, "You sit there and you thump your Bible, and you say your prayers, and it didn't get you anywhere! Talk about your psalms, talk about John 3:16... Austin 3:16 says I just whooped your ass!". "Austin 3:16" ultimately became one of the most popular catch phrases in wrestling history.