The basic concept of thermomechanical treatment (TMT) or thermomechanical controlled processing (TMCP) is responsible for the development of many advanced steel grades with improved mechanical properties during the last 50 years. A retro-perspective view, an explanation of the most important influencing factors and a presentation of the enormous benefits for the costumer are given in this review. A sound knowledge on the synergism of recrystallization, precipitation, and transformation phenomena forms the basis to produce fine, homogeneous microstructures with improved properties. Starting from structural steels, improvements can be achieved with respect to higher strength and toughness values combined with better weldability and formability, mainly based on reduction of carbon content and finer grain sizes. The benefits in the application areas are described in detail. TMCP is not only used for flat products, but also for long products and forgings of different steel grades. Physical simulation and modeling contribute significantly to these developments, which also form the basis for computer-aided control or real-time online-models. In the next years, a complete shift to cyber physical systems (CPS) is predicted, which needs an aligned education effort.