Marvel dropped the trailer on Monday showing Steinfeld, 24, as the Hawkeye superfan who's taken in by Clint as a protege and shown the ropes.
The six-part series is due to premiere on Disney+ on November and features a very festive feel as Renner's Clint tells his daughter: "I'll be home by Christmas, I promise."
With a masked villain threatening New York City, Clint is back to his crime-fighting alter-ego Hawkeye, taking on dangerous fights and car chases as Andy Williams Christmas hit It's The Most Wonderful Time Of The Year plays in the background.
However, Clint is not alone in his quest to fight crime as Steinfeld's character Kate shows up with a bow and arrow, too, telling him: "Some people call me the world's greatest archer."
Rough-around-the-edges Kate needs a little polishing to rival Hawkeye's skills, but together they form an unlikely duo ready to take on the city's worst.
The show's two lead stars have teased that 22-year-old Kate will cause no end of problems for Hawkeye, who is used to working alone.
But speaking about her excitement at joining the MCU, Steinfeld told Entertainment Weekly: "The first time Jeremy and I sat down together, we were in a writers' room surrounded by a bunch of Hawkeye comics up on the wall, all around us.
"I was like, 'Oh my God, this is real. This is happening.'"
Marvel fans tweeted their excitement at the trailer reveal and the first look at Steinfeld as Bishop.
One person wrote: "This trailer is less than 2 minutes and already Hailee Steinfeld is the perfect Kate Bishop, I could cry."
Someone else tweeted: "We are so ready to see Hailee Steinfeld as Kate Bishop!"
Another person added: "Hailee Steinfeld as Kate Bishop is like, RDJ Iron Man level of perfect casting to me."
Watch: First trailer for Christmas-themed Marvel show Hawkeye