Extensive research efforts are underway globally to develop new steel microstructure concepts for high-strength sheet products, driven largely by the need for lightweight automotive structures in support of designs to enhance occupant safety and energy efficiency. One promising approach, involving the quenching and partitioning (Q&P) process, was introduced in the predecessor to this paper series, Austenite Formation and Decomposition, 2003.[1] Development of the Q&P process has continued through to the present, and the current status is highlighted in this article, along with some alternative approaches that are also receiving attention. Special emphasis is placed on the synthesis and interpretation of the fundamental phase transformation responses, perspectives related to alloying and processing, and the resulting microstructure and properties. Key mechanistic issues are discussed, including carbide formation and suppression, migration of the martensite/austenite interface, carbon partitioning, and partitioning kinetics.