The main objective of this investigation is to examine the effects of a new technique, double-ageing, on the microstructure and mechanical properties of the ultrahigh strength steel Aermet 100. Under the condition of double-ageing, there is no apparent decrease in the steel strength. However, the impact fatigue life can be prolonged by 35.5% and the dynamic fracture toughness raised by 22.6% by this technique compared with normal ageing. Based on the observation of the microscopic structure, the physical mechanism of prolongation of fatigue life and enhancement of the stability of the reverted austenite is analysed further. The results show that this new technique is a breakthrough in optimally combining the strength and toughness of Aermet 100 steel. In light of the current understanding of this subject, the toughness of the reverted austenite formed at the time of heat preservation at the higher temperature of the double-ageing process increases drastically. Moreover, during the treatment at the lower temperature of the double-ageing process, the carbon separating from the martensitic ferrite of Aermet 100 steel will diffuse into the reverted austenite, resulting in a decrease of the brittleness of the martensite and an increase of the stability of the reverted austenite.