For the protection of civil and military armored vehicles, advanced steels are used, due to their outstanding mechanical properties, high ballistic performance, ease of manufacturing and low cost. However, after retrofitting, weight is the prominent issue. In this regard, several strategies are being proposed, which include the surface engineering of either low-thickness ballistic steels or conventional steels, in addition to new alloys and composites. Therefore, to better understand the response of such materials under various stimuli, the existing state of the art ballistic steels was utilized in this study. The aim of this study was to better understand the existing materials and their corrosion behavior. Therefore, in this connection, two thicknesses were selected, i.e., thin (6.7–7.0 mm) and thick (13.0–15.0 mm), henceforth termed as low thickness (LT) and high thickness (HT), respectively. This was followed by characterization using tensile, Charpy, micro-Vickers, nanoindentation, XRD, SEM-EDS and corrosion tests. Microstructurally, the LT samples only exhibited ε-carbide precipitates, whereas the HT samples contained both ε-carbides and Mo2C (molybdenum carbides). However, both samples were found to be tempered martensite with a lath morphology. Moreover, higher hardness, and lower elastic modulus and stiffness were noticed in the HT samples compared with their LT counterparts. Fractured surfaces of both of these alloys were also examined, wherein a ductile mode of fracturing was observed. Further, a corrosion study was also carried out in brine solution. The results showed a higher corrosion rate in the HT samples than that of their LT counterparts. An extensive discussion is presented in light of the observed findings.