Hot stamped products with ultra-high strength have been wildly used in the automotive industry. As the requirements on lightweight and safety increase, automotive components with tailored mechanical properties have been manufactured by newly developed hot stamping processes. In this work, the most recent developments and challenges in hot stamping of high strength steels have been reviewed. These issues are separated into two aspects: theories and applications. The theoretical aspect includes friction and heat transfer between sheet and tools, mechanism of springback, hydrogen induced delayed fracture, constitutive models integrating thermomechanics and phase transformations, and “performance control” of the hot stamped products, etc. The application aspect includes die wear, thermal fatigue, second development of numerical simulation software with the consideration of phase transformations, and springback control, etc. This paper analyzed the recent developments and challenges in the hot stamping technology, and some challenges can be further discussed according to the research progress of Tongji University.