The present review focuses on the recent development of steel matrix composites and their advancement. Stainless steel has broad application but its critical drawbacks, such as poor hardness and wear resistance, confine its extensive application. Nowadays, steel matrix composites with ceramic particles reinforcement are finding increased interest to researchers owing to the combined effect of hard reinforcement and ductile metal matrix. TiB2 ceramic particles have exceptional properties which makes it more suitable reinforcement for steel matrix. This review summarises the different powder metallurgy assisted methods for the fabrication of steel matrix composites and their mechanical properties, strengthening mechanisms, wear performance. With the help of this review article, researchers and industrial engineers can adopt the appropriate method to meet the demands of industrial applications.