Steel cylindrical tanks are vital structures for storing various types of liquid in industrial plants or as a component in a water distributing system. As they sometimes are used to store toxic, flammable, and explosive material, their inapt performance during an earthquake may lead to catastrophic consequences. Therefore, practicing engineers, researchers, and industry owners are concerned about their structural safety. Meanwhile, the seismic performance of liquid storage tanks is rather complex. Thus, this subject has garnered many researchers’ interest in the past decades. This paper aims to briefly review the most significant studies on the seismic performance of on-ground steel cylindrical tanks. It focuses on analytical approaches and does not include experimental and on-site ones. Finally, the new horizons for the seismic performance assessment of such structures are presented herein.