The utilization of diamond-like carbon (DLC) coatings has emerged as a promising strategy to enhance the performance, durability, and functionality of industrial tools and components. Recognized for their exceptional attributes such as hardness, wear resistance, low friction, and biocompatibility, DLC coatings have achieved widespread acclaim for their potential to improve the capabilities of tool steels for different applications. This present study shows a comprehensive investigation into the application of DLC coatings on a diverse range of tool steel substrates, encompassing 1.2379, 1.2358, Caldie, K340, HWS, and Vanadis 4. The main aim is to show the effects of DLC coatings on these substrates and to provide an in-depth analysis of their properties during forming processes. Furthermore, this study explores the practical utilization of DLC-coated tool steel components, with a particular focus on their role in cold forming dies. Additionally, the study reviews the application of duplex treatments involving plasma nitriding to enhance DLC coating performance. To sum up, this study pursues a threefold objective: to investigate DLC coatings’ performance on diverse tool steel substrates; to assess the potential for improvement through nitriding; and to evaluate the behavior of DLC coatings in the cold stamping of S235 steel, which is of great technological and industrial interest to the cold forging sector.