Thermo-mechanical simulation studies can be effectively utilized for optimization of processing parameters apart from development of new alloys, quality/yield improvement and material characterization. Physical simulation, being very close to the real world process, can be very helpful in near exact reproduction of the process, and in turn, better results. Thermo-mechanical simulation studies using Gleeble System found extensive applications in steel research and its processing. It can help in careful design of alloy chemistry, proper continuous casting operation to produce defect-free casting, and optimization of hot rolling and post-cooling parameters to produce the desired microstructure and annealing process after cold rolling to achieve the desired microstructure and properties, welding for easy fabrication, etc. Each of these steps needs to be fine-tuned and optimized to achieve the maximum benefit towards reduction in alloy additions, as well as quality and yield improvement during steel processing. A number of studies like continuous casting simulation for production of Cr-alloyed rail steel, hot deformation simulation and phase transformation behavior to optimize hot rolling of difficult to process high boron steel, and hot deformation simulation to bring down the rolling load and annealing simulation to achieve the desired hardness in low nickel stainless steel, etc. undertaken, helped to improve the processing of these steels. Details of these studies, results obtained, and the way to improve processing were discussed.