The best throwing knife is which ever one you can consistently and reliably throw where it sticks pointy end first.
Every thrown knife can and will eventualy bend, chip or break. Paraphrasing what Mr. Thorn said in a recent post,
Practice, practice practice and throw anything you can until you find what works FOR YOU.
While its true that nothing is indestructible, I would argue that some things are less likely to bend, chip and break than others, and that you do get what you pay for in many cases, not all, but many.
I also agree you have to find something that works for you. Knives are like gloves, its not a one size fits all proposition. Strength, stride length, shoulder and arm strength, and many other factors come into play when throwing a knife.
It takes the skill of a good baseball pitcher combined with the artistry of a instinctive archer to throw a knife well and accurately.
Generally speaking the best place to start with a throwing knife is somewhere in this area:
1. Made of good materials. (some form of heat-treated and tempered metal). There's many choices but something that's better and impact resistance than edge holding.
2. In the optimum weight range. I'd say somewhere between 8oz and 20oz. That'd be the light end to the heavy end.
3. The correct length. There's old and new formulas for how long a knife should be (ditto weight) but generally something between a minimum of 8" to a maximum of 16". You can go smaller and bigger, but it gets harder on both ends.
4. A knife suited to your use. Are you in the circus? Need something polished and flashy that can easily be seen by an audience? Do you intend to hunt? Need something that'll penetrate hide and cause a large wound cavity? Are you a survivalist and want another option that includes chopping, and improvised spear use? Are you a backyard thrower looking for the best you can buy that will throw well and not break easily?
5. Something that fits your hand and your strength. Shake hands with your knife. Heft it. If it doesn't feel good, its not going to throw well.
6. Something with a warranty. I say this because at some point things happen. If you've spent good money on your knife, it should give you your money's worth back in value. Most throwing knives won't come with one, look for those that do.
Off the top of my head and from personal experience I'd recommend knives from these makers:
1. Flying Steel - (Mostly sharpened stick designs, but some interesting ones too. Also makes Kunai and throwing spikes) - German 80CrV2 Steel
2. Condor Tool and knife - (Mostly sharpened stick and circus designs but nice materials and coatings) - 1075 Steel
3. Crescent Knife Works - (Mostly sharpened stick designs but HEAVY knives and nicely tempered) - 5160 Steel
4. Harald Moeller - Viper Knives - (Original designs, top quality workmanship) - 440C Stainless Steel
5. Bobby Branton - (All either circus style or Henry McEnvoy style, also sells Tru-Bal knives under the Tru-Bal east name and license) - "Spring Steel" does not say what kind. He's been selling these for a long time, so they're nice and time tested. One of the few throwing knives with handles.
6. The Great Throwzini - (Sells a whole range of stuff, but much of it is either non-specific to heat-treat, materials and other factors or is a copy of someone else's work. Many sharpened sticks and circus throwers. Its a mixed bag so buyer beware) Steel varies.
There are many, many cheaply made, and blatant copies of actual solid IP out there in the throwing knife world, but if you use the above guidelines and or buy from one of the listed makers, or someone with similar qualities then your changes of happiness with your choice will be that much greater.
Couple definitions:
1. Sharpened stick: Any "knife" or object that is largely shapeless with one end pointed. No particular design, just a large rectangle or rounded rectangle, elongated teardrop or even just a rod that has one end ground to some form of point. Usually a broad or rough tip without any particular bevel lines or angles. Typical examples are the "Look what I made out of a lawnmower blade or prybar" "knife". Roam around on YouTube with these search terms and you'll get the idea. In no way is this considered good for anything other than sticking into some soft material, and would never be carried around or have a sheath.
2. Circus thrower: Large, flashy, and typically diamond head pointed. Designed really for one thing. Handle throws and side viewing. The whole purpose of this knife is to be seen and to make people go AAAAHHHHHHH as it narrowly misses something it would damage if it hit. Or be obvious when it does hit something. Here again, this is a purpose made item that would not be carried or used for anything other than throwing. May be used at competitions if it meets the size and weight requirements. Still not versatile.
Might be stored in a knife roll with the rest of the set it comes with.
Some few throwing knives are designed to exceed their name, they'll chop, pry, puncture hard materials and can be fitted as speartips and other improvised weapons. Each knife has its designed use, and then its extra-design uses. Find one that meets as many needs as possible and you'll find that it will be more satisfying than one that meets fewer.
All that being said. You can throw just about anything from scissors, to screwdrivers, to pencils, to actual sharpened wood sticks. So find something that works for you, based on solid research and testing. And you'll never regret it.
- Hal Zucati