Accumulative roll bonding (ARB) is a repeated cladding process in which two or more sheets of material are joined together by rolling at temperatures below recrystallization. The present review is focused on ARB of high‐alloy steels, which, among other laminated metal composites (LMCs), deliver the highest mechanical properties. After a brief description of high‐strength steels, history, and state of the art of LMCs, the principal roll bonding mechanism is explained. Further, the methodology of ARB of steels and variable parameters (stacking, temperature, etc.) are discussed. Known examples of steel–steel laminates are summarized with respect to their rolling temperature and mechanical properties. Further, the main toughening mechanisms of steel‐based LMCs are listed. The most promising candidates of high‐alloy steel laminates are presented in more detail. The important deformation mechanisms of twinning‐ and transformation‐induced plasticity (TWIP and TRIP) high‐alloy steels are explained. Microstructural changes and layer bonding as well as mechanical properties and damage behavior of two‐ and four‐layered TRIP/TWIP steel laminates are illustrated, including some specific phenomena, such as deformation lenses. Finally, by summarizing the analyzed data on steel laminates, conclusions and outlook are formulated.