High-strength steels (HSS) are produced using special chemical composition or/and manufacturing processes. Both aspects affect their mechanical properties at elevated temperatures and after cooling down, and particularly the residual strength and the ductility of the structural members. As HSS equates the design of lighter structural elements, higher temperatures are developed internally compared to the elements designed with conventional carbon steel. Therefore, the low thickness members, along with the severe effect of high temperature on the mechanical properties of the HSS, constitute to the increased vulnerability of such structures in fire. Moreover, the re-use and reinstatement of these structures are more challenging due to the lower residual mechanical properties of HSS after the cooling down period. This paper presents a review of the available experimental studies of the mechanical properties of HSS at elevated temperatures and after cooling down. The experimental results are collected and compared with the proposed material model (reduction factors) of EN1993-1-2. Based on these comparisons, modified equations describing the effect of elevated temperatures on the mechanical properties of HSS are proposed. Also, the post-fire mechanical properties of HSS are examined. A comprehensive discussion on the effect of influencing parameters, such as manufacturing process, microstructure, loading conditions, maximum temperature, and others is further explored.