We present a comprehensive overview of different types of parametric interactions in nonlinear optics which are associated with simultaneous phase-matching of several optical processes in quadratic nonlinear media, the so-called multistep parametric interactions. We discuss a number of possibilities of double and multiple phase-matching in engineered structures with the sign-varying second-order nonlinear susceptibility, including (i) uniform and non-uniform quasi-phase-matched (QPM) periodic optical superlattices, (ii) phase-reversed and periodically chirped QPM structures, and (iii) uniform QPM structures in non-collinear geometry, including recently fabricated two-dimensional nonlinear quadratic photonic crystals. We also summarize the most important experimental results on the multi-frequency generation due to multistep parametric processes, and overview the physics and basic properties of multi-color optical parametric solitons generated by these parametric interactions.