Tungsten heavy alloys are two-phase metal matrix composites that include W–Ni–Fe and W–Ni–Cu. The significant feature of these alloys is their ability to acquire both strength and ductility. In order to improve the mechanical properties of the basic alloy and to limit or avoid the need for post-processing techniques, other elements are doped with the alloy and performance studies are carried out. This work focuses on the developments through the years in improving the performance of the classical tungsten heavy alloy of W–Ni–Fe through doping of other elements. The influence of the percentage addition of rare earth elements of yttrium, lanthanum, and their oxides and refractory metals such as rhenium, tantalum, and molybdenum on the mechanical properties of the heavy alloy is critically analyzed. Based on the microstructural and property evaluation, the effects of adding the elements at various proportions are discussed. The addition of molybdenum and rhenium to the heavy alloy gives good strength and ductility. The oxides of yttrium, when added in a small quantity, help to reduce the tungsten’s grain size and obtain good tensile and compressive strengths at high temperatures. © 2021 by the authors. Licensee MDPI, Basel, Switzerland.