Abstract: Martensite is an important microstructure in ultrahigh-strength steels, and enhancing the strength of martensitic steels often involves the introduction of precipitated phases within the martensitic matrix. Despite considerable research efforts devoted to this area, a systematic summary of these advancements is lacking. This review focuses on the precipitates prevalent in ultrahigh-strength martensitic steel, primarily carbides (e.g., MC, M₂C, and M₃C) and intermetallic compounds (e.g., NiAl, Ni₃X, and Fe₂Mo). The precipitation-strengthening effect of these precipitates on ultrahigh-strength martensitic steel is discussed from the aspects of heat treatment processes, microstructure of precipitate-strengthened martensite matrix, and mechanical performance. Finally, a perspective on the development of precipitation-strengthened martensitic steel is presented to contribute to the advancement of ultrahigh-strength martensitic steel. This review highlights significant findings, ongoing challenges, and opportunities in the development of ultrahigh-strength martensitic steel.