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The study of heterostructured materials (HSMs) answered one of the most pressing questions in the metallurgical field: “is it possible to greatly increase both the strength and the strain hardening, to avoid the “inevitable” loss of ductility?”. From the synergy between the deformation modes of zones with greatly different flow stress, low stacking fault energy (SFE) alloys can reduce their typical trade-off between strength and ductility. Stainless steel (SS) is a low-SFE material, which is widely applied for structural, biomedical, biosafety, food-processing, and daily applications. The possibility to combine its corrosion resistance and biocompatibility with the outstanding mechanical behaviour of HSMs can convert SS into a promising option for low-cost and high-effective advanced material. This paper reviews all the microstructural aspects of HS SS obtained by different processing methods and their correlation with crystallographic texture and properties such as mechanical, corrosion, biological, and magnetic characteristics. The critical comparison between experimental and modelling findings is also presented in terms of the deformation mechanisms, microstructural and texture features. Thus, the processing-microstructure-properties relationship in HS SS is the focus of this publication. The multi-disciplinary perspectives of HS SS are also discussed. This review paper will serve as a reference for understanding and designing new multi-functional HS SSs.