Maraging steels based on iron-nickel martensite constitute a very important family of high-strength steels, which distinguishes itself by demonstrating an unparalleled combination of excellent fabricability and high strength and fracture toughness after heat treatment. Heat treatment of these steels has now been perfected to ensure consistently high levels of strength, ductility, and toughness in a variety of product shapes and sizes. Cobalt-free variants have been commercialized as part of efforts to save production costs. Further knowledge has been generated on 18 % nickel maraging steels regarding phases precipitating during aging, thermal embrittlement, thermal cycling and austenite reversion/retention and their effect on mechanical properties. The paper reviews the progress made over the last one and half decades.