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This study investigates the influence of quenching/tempering temperatures on the fracture toughness and fatigue life of SAE 5160 steel, considering different phosphorus contents. Quenching and tempering treatments were applied to samples removed from different bars of commercial SAE 5160 steel with different P content. Three different austenitizing temperatures for quenching: 850, 900 and 1000 °C and a constant holding time of 15 minutes were used. The oil temperature for quenching was kept at 66 °C and the tempering conditions were 470, 500 and 530 °C with the necessary time for a final hardness of 45 ± 3 HRC. Therefore, the heat treatments cycles were applied to specimens containing low (0.012 wt. (%)), medium (0.017 wt. (%)) and high (above 0.025 wt. (%)) phosphorus contents, in order to observe the effects of this element on the susceptibility of these steels to enhance quench and tempering embrittlements. The Charpy tests results showed that the phosphorus content analyzed in this work has caused embrittlement, even in the bars with the lowest P content, leading to intergranular fracture. However, if the nucleation life is taken into consideration, this embrittlement has no effect on the nucleation fatigue life of the component.