The steel lazy wave riser has been used in deep-water oil and gas field development because it has good adaption to the movement of the upper platform and economic efficiency. The typical design criterion and design flow of steel lazy wave riser are introduced in this paper. The design method and the equivalence principle of distributed buoyancy modules are given. The formulas of equivalent hydrodynamic parameters are derived in this paper. The influences of distributed buoyancy modules (DBM) and the buoyancy factor on the configuration of the riser, the top tension, and the bending moment distribution are discussed and summarized. The distribution law of effective stress response along the pipe can be analyzed by dynamic analysis, and it provides reference for the global design of steel lazy wave riser.