The Subdivide operator can be found:

In the Context menu aka Specials menu (RMBor W in case of using 2.7 keymap)

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As part of the Edge menu in Edit Mode

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Or via Spacebar by searching for Subdivide

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edited Feb 4 ’19 at 18:45
brockmann
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answered Feb 4 ’19 at 10:40
Jan Kadeřábek
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The default keymap for Blender 2.80 is Left Click Select, so the “W” shortcut won’t work (and will actually do a different thing: changing the selection mode) for a new user using defaults –
Nicola Sap
Feb 4 ’19 at 10:46
@NicolaSap You are right, I am using 2.7 keymap… I have updated the answer. –
Jan Kadeřábek
Feb 4 ’19 at 11:20
Just a note for newcomers: Spacebar is not default for Search – it’s F3. –
Henrik
Sep 19 ’20 at 16:01

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5

The following info are based on 2.8 and onward. 2.79 and previous versions have it differently.

By default, the fastest way to subdivide between edges selection is Right-Click, followed by pressing S. Right-Click is now a fully integrated context menu (its content is based on the active menu and the type of selection) You can see the Subdivide in the Context Menu when in Edit Mode with Edge active.

If you don’t Right-Click after selecting the edges and then press S you’ll activate the selection scaling mode. If that happen, just right-click to cancel and turn-off the selection scaling mode.
EDIT

If you have the Right-Click set to Select (which was the standard in 2.79 or previous), then you won’t be able to bring up the menu with that key. In that case, you can press W to call the Vertex Context Menu (Subdivide is the first item in this menu)