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Choice of steel depends on use, environment, and personal preference. All the normal knife steels will make a usable and sharp knife. Blade shape and geometry are far more important in most cases.
As for steel choice there are two main choices -
carbon steel and
stainless steel. Between those realms are
tool steels.
Carbon steels can be very simple, like 1075, 1084, and 1095. These have only minor alloying beyond the iron and carbon.
Then you get carbon steels with alloying added to give it better toughness or hardness or other features - 26C3, 52100, 5160, 1084FG, Cruforge-V, Wolfram special, etc.
Tool steels and their cousins have higher amounts of alloying to give them higher toughness and hardness. - D-2, A-1, 15N20, S-7, etc,
The stainless steels have over 13% chromium and after hardening they resist rusting and staining. This group is very large and has many knife choices. - m440C, magnacut, AST-34/CPM-154, 12C27, S-35VN/S45VN. etc.
Dr. Larrin Thomas is one of our members here and he has written THE book on knife steels and treatment. I highly recommend getting it - Knife Engineering
His site Knife Nerds is also a great source for those who want to know more about knives and steel.
Update 4/14/2024: Gameco is sold out but Amazon Australia has it now. Update 3/29/2022: I added that SD Knives and Supplies is the place to buy in South Africa Update 3/31/2021: I added that Gameco is the place to buy in Australia. Update 10/13/2020: I completed a minor revision to Knife...
knifesteelnerds.com