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Advanced ultra-high strength steels are highly desirable for a wide range of engineering applications. Nanoscale co-precipitation strengthening in steels has received increasing attention in recent years and has become a new cornerstone for the development of advanced steels with superior combination of mechanical, welding, and irradiation properties for a new era. In this review, we highlight recent advances in computation-aided alloy design, nanostructural characterization, and unique properties of newly developed nanoscale co-precipitation-strengthened steels. In particular, our emphasis is on elucidating alloy design strategies, the co-precipitation mechanism, and cooperative evolution of multiple types of nanoparticles, and the correlation between nanostructures and bulk steel properties. Finally, future research areas for this class of nanostructured steels are critically discussed.