Quenching and partitioning is a relatively new heat treatment concept to generate microstructures containing retained austenite stabilised by carbon partitioning from martensite. Research on quench and partitioning has been conducted by numerous groups, and this critical assessment provides some of the authors’ perspectives on progress and understanding in the field, with particular focus on the physical metallurgy and transformation mechanisms, process variations, mechanical behaviour, and industrial implementation. While much progress has been made, the field provides rich opportunity for further understanding and development.