Rock breaking has always been a challenging problem that must be solved in projects such as excavating mountains, drilling wells, and constructing railways. Among the rock-breaking cutter steels, AISI H13 steel and wear-resistant high manganese steel have become the best choices. From the characteristics and failure modes of the two, rock-breaking cutter steels should simultaneously have high strength, high toughness and high wear resistance to avoid short-term fracture/damage and cost increase. Analyzing the problems existing in the molding process of rock-breaking cutter steels such as die casting, forging, and hot stamping, traditional strengthening technologies such as alloying optimization, heat treatment, and surface treatment can achieve certain performance enhancement. After reaching the limits of traditional strengthening technologies, a series of nanoparticle strengthening technologies came into being. The selection, addition amount, and addition method of nanoparticles all affect the microstructure, mechanical properties and wear. To this end, this article summarizes the research progress and challenges of rock-breaking cutter steels, and discusses traditional strengthening technologies and mainstream nanoparticle strengthening technologies. It provides a reference for the future development of high-quality and high-performance rock-breaking cutter steels, with aim to simultaneously expand their application potentials to other fields.