This article examines the benefits and limits for victims of violent crime of receiving state compensation in Ireland in light of the perspectives gathered in 21 semi-structured qualitative interviews with applicants to the Irish state compensation fund, the Criminal Injuries Compensation Scheme, practitioners who support victims in applying to the Criminal Injuries Compensation Scheme and former Criminal Injuries Compensation Scheme decision-makers. This article highlights that state compensation has several benefits, including offering practical benefits to victims and providing them with a degree of acknowledgement and agency in the aftermath of criminal victimisation. In addition, this article demonstrates, in line with the relevant literature, that while state compensation cannot fully return the victim to their former position, compensation affords victims a level of ‘solace’ which assists them to move on with their lives. Further to these positive benefits of state compensation, this article examines several factors which limit the practical realisation of these benefits from the perspective of victims and other criminal justice actors. These factors include delays in decision making, burdensome requirements in relation to submitting documentation, negative attitudes in respect of receiving monetary compensation, a lack of long-term supports, the absence of compensation for non-material damages and the Irish Government’s limited means in terms of funding the Criminal Injuries Compensation Scheme. While developments in European Union law concerning victims’ rights are improving access to state compensation in Ireland, this article concludes that the benefits and limits of state compensation need more comprehensive explanation to victims throughout the process. This will contribute to better managing victims’ expectations, improving satisfaction and reducing the potential for secondary victimisation.