The present knowledge on the physical metallurgy of precipitation- hardenable stainless steels is presented. The alloys discussed include the martensitic types (Stainless W and 17-4 PH), the semiaustenitic types (177 PH, PH 15-7 Mo, AM 350, and AM 355), and the austenitic types (A-286 and HNM). The areas of metallurgy common to most or all of these materials are discussed on the basis of classification by composition, austenite conditioning, the martensite reaction, and precipitation hardening. The application of metallurgical principles in the handling, heat treatment, and fabrication of these alloys is also discussed. (auth)