This paper presents the microstructural and mechanical properties of low and medium carbon advanced high-strength forging steels developed based on the third generation advanced high-strength sheet steels, in conjunction with those of conventional high-strength forging steels. Hot-forging followed by an isothermal transformation process considerably improved the mechanical properties of the forging steels. The improvement mechanisms of the mechanical properties were summarized by relating to the matrix structure, the strain-induced transformation of metastable retained austenite and/or a mixture of martensite and austenite.