Nanostructured bainite is a novel ultra-high-strength steel-concept under intensive current research, in which the optimization of its mechanical properties can only come from a clear understanding of the parameters that control its ductility. This work reviews first the nature of this composite-like material as a product of heat treatment conditions. Subsequently, the premises of ductility behavior are presented, taking as a reference related microstructures: conventional bainitic steels, and TRIP-aided steels. The ductility of nanostructured bainite is then discussed in terms of work-hardening and fracture mechanisms, leading to an analysis of the three-fold correlation between ductility, mechanically-induced martensitic transformation, and mechanical partitioning between the phases. Results suggest that a highly stable/hard retained austenite, with mechanical properties close to the matrix of bainitic ferrite, is advantageous in order to enhance ductility.