The water-cooled thermomechanical control process (TMCP) is a technology for improving the strength and toughness of water-cooled steel plates, while allowing control of the microstructure, phase transformation and rolling. This review describes metallurgical aspects of the microalloying of steel, such as niobium addition, and discusses advantages of TMCP, for example, in terms of weldability, which is reduced upon alloying. Other covered topics include the development of equipment, distortions in steel plates, peripheral technologies such as steel making and casting, and theoretical modeling, as well as the history of property control in steel plate production and some early TMCP technologies. We provide some of the latest examples of applications of TMCP steel in various industries such as shipbuilding, offshore structures, building construction, bridges, pipelines, penstocks and cryogenic tanks. This review also introduces high heat-affected-zone toughness technologies, wherein the microstructure of steel is improved by the addition of fine particles of magnesium-containing sulfides and magnesium-or calcium-containing oxides. We demonstrate that thanks to ongoing developments TMCP has the potential to meet the ever-increasing demands of steel plates.