Austenitic stainless steels are employed in many industrial fields, due to their excellent corrosion resistance, easy formability and weldability. However, their low hardness, poor tribological properties and the possibility of localized corrosion in specific environments may limit their use. Conventional thermochemical surface treatments, such as nitriding or carburizing, are able to enhance surface hardness, but at the expense of corrosion resistance, owing to the formation of chromium-containing precipitates. An effective alternative is the so called low temperature treatments, which are performed with nitrogen- and/or carbon-containing media at temperatures, at which chromium mobility is low and the formation of precipitates is hindered. As a consequence, interstitial atoms are retained in solid solution in austenite, and a metastable supersaturated phase forms, named expanded austenite or S phase. Since the first studies, dating 1980s, the S phase has demonstrated to have high hardness and good corrosion resistance, but also other interesting properties and an elusive structure. In this review the main studies on the formation and characteristics of S phase are summarized and the results of the more recent research are also discussed. Together with mechanical, fatigue, tribological and corrosion resistance properties of this phase, electric and magnetic properties, wettability and biocompatibility are overviewed.