Steven Carrington (born Steven Daniel Carrington), the blond guy, is the third child of Blake Carrington and Alexis Morrell. He is a wonderful young man who treasures true human values and wants to be accepted for who he is, a homosexual.

Steven has never gotten along with his father because of Blake not excepting his son's homosexuality. For many years, Blake and Steven hated and loved each other. Steven was always very close to his sister Fallon, and never gotten along with his brother Adam. Unlike Fallon, Steven liked Krystle and they were friends.

To spite his father, he took a job with Blake's rival Matthew Blaisdel and worked in tough conditions of the oil rig. Steven will unsuccessfully try to deny his homosexuality by briefly getting involved with Matthew's wife Claudia Blaisdel. The return of his ex boyfriend Ted Dinard will show his true feelings.

Steven's first big love was Ted Dinard whom Steven lived for a year in New York. When Blake found them in a friendly embrace, he pushed Ted away. Ted hit his head and died. Blake was trialed for his murder and Steven testified against his father. The hate Steven felt towards his father grew even stronger after Ted's death. It took a long time before Steven fell in love again.

Steven was presumed dead in an oil rig explosion but Blake refused to accept his son's death. Steven, who had a plastic surgery, had no intention of going back to Denver but he did, for his son Danny.

After Claudia came out of the sanitarium, Steven and Claudia became a couple. But soon, Claudia ended up with his brother Adam. From his "one weak" marriage to Sammy Jo, Steven got a son, Danny. For years, Steven raised Danny as a single parent. When Sammy Jo returned to Denver, the hate between her and Steven grew. It took years until they established a civilized relationship and even became friend. They even ended up living together, not as a couple, but as a couple of friends. For a short time, Steven, Sammy Jo and Danny lived together as a family. But platonic relationship was not enough for Sammy Jo and Steven could not offer more than a friendship as he was a homosexual, so they parted ways.

Steven was his mother's favorite child, just like Fallon was Blake's. Working for his mother at "ColbyCo. Oil", Steven met Luke Fuller. Luke was the love of Steven's life and two men shared a tender, loving relationship. They planned a future together. Steven and Danny planed on moving in with Luke, but at the wedding in Moldavia, Luke was shot. Blake watched a touching scene when Steven and Luke said their goodbyes and Luke died in Steven's arms. Blake comforted a heartbroken Steven, finally excepting Steven as a homosexual. It was a breaking point in their relationship and a start of a true father-son love. Blake became proud of Steven, his choices and as the man he was.

When Matthew returned to Denver and tried to kill Blake and Krystle, Steven stabbed him with a knife. Though he saved Blake and Krystle, killing his friend left emotional scarves. When Blake decided to withdraw from the company, he choose Steven, not his favorite Fallon or Adam, to be the president of the company. But still, Steven wasn't happy and felt alone. He left Denver and moved to Washington. He met his old flame, Bart Fallmont, there and they fell in love. Blake lived with Steven and Bart for a while when he was fighting the Consortium.