The actor was king of the box office during the 1980s, starring in four major movie franchises; Three Men and a Baby, Police Academy, Cocoon and Short Circuit.
He has since been forced to reinvent himself to stay in the spotlight, appearing on reality show Dancing with the Stars and even embarking on a new career as a stand-up comedian.
In his latest role, in romantic drama It's Not You, the 51 year old plays an ad executive who is forced to reinvent himself after struggling to live up to the success he enjoyed earlier in his career.
And Guttenberg admits there are parallels between his life and that of his character Nate Shepherd.
The actor tells WENN, "It's about a man who reinvents himself. Everyone has to reinvent themselves to stay in the game, whether you're Madonna or Paul McCartney."
Morris S. Levy, the movie's producer, adds, "It sort of mirrors Steve Guttenberg's life as an actor. The writer/director (Allie Dvorin) actually changed a lot of the material, to make (Nate Shepherd) more of the '80s character that Steve was.
"In the opening scene we find out that he came up with one of the most famous catchphrases of the 80s, but he gets fired in the (film) because he's behind the times.
Levy is hoping It's Not You is a big box office hit and kickstarts Guttenberg's career - in the same way The Wrestler turned Mickey Rourke from a has-been into a Golden Globe winner.
Levy says, "People forget, Steve was in six films in the 1980s that made over $100 million. When ticket prices were $2.50. That's $200 million, $300 million films now.
"How many actors have done that? And he's still young.
"With Mickey Rourke coming back in the Wrestler.... And I don't think Mickey Rourke was a beloved character. So we have a shot at that."