The paper discusses the basic issues of the local approach to ductile fracture of structural metals, with particular emphasis on the failure due to microvoid development. The mechanisms of nucleation of voids around inclusions and precipitates are characterized. The criteria for the nucleation of voids resulting from cracking of the existing particles or their separation from the material matrix are presented. Selected results of experimental studies and Finite Element Method (FEM) simulations on nucleation of voids are discussed. The analytical and numerical models of growth and coalescence of voids are described, indicating the effect of the stress state components on the morphology of voids and the course of the cracking on a microscopic scale.