Peridot and Steven were originally enemies, but became close after the Crystal gems caught her and they bonded while trying to save the world.
In their first meeting after Peridot was captured, Steven was struck with how adorable Peridot was, elliciting an embarrassed reaction from Peridot, who demanded she not be called cute.
When left alone together, Peridot often found herself running to Steven for support when she was scared, holding his arms and burying her head in his side. Never one to leave a friend frightened, Steven proceeded to help Peridot face what scared her, the rain and thunder.
In the events following that, Steven and Peridot went on what was described as a dangerous mission, where Steven suggested they hold hands, something he's never done throughout the rest of the series. Peridot agreed and they held hands throughout the episode.
Peridot would remain attached to Steven throughout the rest of her redemption arc, as he became her teacher of Earth culture and ways. He taught her the values of friendship and love, shown especially in his lesson on gift giving, where he teaches Peridot that when you get a gift you say "wow, thanks". This would reappear several times later, marking points where Peridot believes she's been given something she likes.
Steven and Peridot also sing the song "Peace and Love" together, cementing the lessons about the importance of love and life on Earth to Peridot. This is subsequently commonly seen as "their song" for uses in canon and in fanon.
Later, when the two were on a dangerous mission to save the Earth together, there was a long period where the two talked, and Peridot mentioned that for everything she lost coming to Earth, it was all okay, because now she had Steven (she's hastily added on the other Gems in embarrassment). This culminated in a moment where Peridot believed the two were about to die, in which she cried out that she was sorry she couldn't save Steven and "the billions of other lifeforms who matter far, far less". Steven, in response, told Peridot he loved her. Peridot replied with "wow, thanks", which says she considered Steven's declaration of love a gift.
Recently Steven and Peridot held hands on their way to the wedding of two of their friends.
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This ship is disliked by a majority of the fandom. This is likely due to the canon and pre-existing relationship of Steven and Connie, as well as the remote possibility that Peridot is aromantic (albeit is still shipped in the far more popular and well-received Lapidot). There is also the fact that Steven is still a child during the series while Peridot is fully grown as all gems are adults from the moment they are born.
Furthermore, it is entirely possible (and likely) that the bond between Steven and Peridot is completely platonic.
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