Lundquist was the first swimmer to break two minutes in the 200-yard breaststroke. He won every 100-yard breaststroke event he entered from 1980 to 1983. At 17 he broke his first world record and in his career he broke world and American records on 15 occasions. He first broke the 100-meter breaststroke world record in 1982 and held it until 1989 with the exception of one month when John Moffett held it. He also held the world record in the 200-meterindividual medley in 1978. He set American records in the 100-meter and 200-meterbreaststroke and the 200-meer individual medley.
Coached by Arthur Winters, Steve from a butterfly swimmer when he was 12 years old to the breaststroke which is the stroke he came to dominate. Coach Art was at the end of the pool when he broke his first world record at 17 years of age. Coach Art told him lots of things that helped him swim faster including how to win the Olympic 100-meter breaststroke.
Lundquist went on after the 1984 Olympics to spend much of his time volunteering his time for charitable organizations and making appearances on television and in movies. In June 1985, People Magazine awarded him having the Best Chest of male celebrities, including a full-page picture of his muscular torso. In 1996 when the Olympics were hosted in Atlanta, Georgia he was an Olympic Torch Bearer, the Clayton County Master of Ceremonies for the torch run, and he was also given the honor of being the Olympic Flag Bearer at the 1996 Olympic Games. He currently runs his own business, Digipik, a digital media company in the Stockbridge, Georgia area.