Ultrafine-grained steels with a grain size of about one micron offer the prospect of high strength coupled with high toughness among conventional steel compositions and are attracting the attention of researchers worldwide. Application of these ultrafine-grained steels to potential engineering structures demands extensive study of their mechanical properties. While there are many studies on the development of ultrafine-grained microstructures through various deformation processing techniques on a spectrum of compositions, fewer studies were reported on the more important aspect of evaluating their mechanical properties. This is to verify the basic assumption that the microstructural refinement at bulk level indeed improves the mechanical properties offering the prospect of a realistic replacement of the existing conventional steels in the near future. As we move towards the ultimate goal of applying these advanced high strength materials, this review article attempts to present a comprehensive picture on the mechanical properties of ultrafine-grained steels with varying carbon contents fabricated by large strain warm deformation. Finally, it is believed that time is ripe for exploring the possible applications of these materials for structural applications.