You should first decide what kind of compromises you want to make:
- Hardness/edge holding
- Toughness (too hard and things become brittle and can chip)
- Easy to sharpen
- Rust/stain resistance
Look here for a good breakdown:
In its most basic form, steel is just iron and carbon, but people have been studying, experimenting with, and perfecting steel with other elements for specific applications for millennia. The study of steel is now so complex and nuanced that one can acquire a graduate degree in the subject and...
www.bladehq.com
Here are my blade material experiences:
Maxamet tool steel - Not stainless. Holds an edge forever; needs diamond/ceramic sharpening media to re-sharpen. Expensive.
440 or 440A - Old school. Tough as hell, but the edge folds over right away first time you cut a box.
8Cr - Dulls quickly and doesn't re-sharpen easily either. Avoid. Only good thing about it is that it's cheap.
5Cr, 7Cr - Garbage. Might be OK on a hatchet?
1095 - Carbon steel, the old American standby. Only traditional slipjoints are
420HC - about like 8Cr
4116 - Doesn't hold an edge long, but it re-sharpens easily
AUS-8 - A step better than 8Cr etc, but not quite up to S30v
AUS-10A - Another step up fro AUS-8; excellent all-around blade steel
D2 - Another tool steel; my favorite value steel. Give up stainlessness for edge holding, but can still be quite affordable.
S30v - Excellent all-around. Doesn't hold an edge like Maxamet, but doesn't stain/rust the first time it's neglected either
20cv - Even better than S30V at holding an edge. Getting expensive, rare.
Ceramic / Zirconia - Holds an edge forever, unless you hit something hard, when it chips easily. 100% stain/rustproof. Not tough at all, as it's so brittle. This is at its best in kitchen knives with someone who understands it. Don't give it to a wife who will chop with the tip against your tempered glass plates or granite countertop.