LAUSR

High‐carbon steels are widely employed in the production of many critical components, such as cutting tools, rails, wire rods, and bearing parts, because of their excellent hardness, high strength, and acceptable toughness. Although the strengthening mechanisms and microalloying effects of Nb, V, and Ti in low‐carbon steels have been extensively studied, those in high‐carbon steels are underresearched. This knowledge gap primarily arises from the substantial effect of high carbon content on phase transformations, precipitation behavior, and the thermodynamic solubility of microalloying elements. To advance the application of microalloying in high‐carbon steels, this review systematically summarizes recent progress in the utilization of Nb, V, and Ti in high‐carbon steels. The primary strengthening mechanisms, including grain refinement strengthening and precipitation strengthening, are thoroughly discussed for each microalloying element, along with their respective effects on mechanical properties. Furthermore, the solubilities of these elements in high‐carbon and low‐carbon steels are compared, emphasizing the challenges in accurately predicting solubility limits. Additionally, the impacts of microalloying elements on the critical properties of steel, such as wear resistance and corrosion behavior, are also reviewed. Finally, key challenges and future research directions are identified to guide further advancements in the field.