The recent investigations on spray formed ultrahigh-carbon steels (UHCSs) are reviewed. A satisfactory combination of strength and ductility in spray formed UHCSs can be obtained by hot rolling and annealing. The composition and hot rolling have a marked effect on the formation of graphite in UHCSs. The possibility of achieving high strain rate superplasticity in the spray formed UHCS was first revealed by very recent investigations in Shanghai Baosteel Research Institute. The UHCS processed by a combination of spray forming and hot rolling exhibited high strain rate superplasticity.