Sub-zero treatment of tool steels is included within the cycle of conventional heat treatment. This kind of heat treatment has been reported to improve wear resistance of tools. The improvement is attributed to precipitation of fine carbide particles, but is depending on a number of the other factors as well. This paper follows the previous works, in which the effect of sub-zero treatment on the mechanical and structural properties of P/M tool steels was evaluated. Two types of P/M cold work tool steels were used in the research: Vanadis 6 and high speed steel Vanadis 30. They were austenitized, nitrogen gas quenched and tempered. The 4 hours long sub-zero period of dwell at -196°C was also incorporated between quenching and tempering. Wear evaluation was carried out using a pin-on-disk method.The observed values of wear resistance have been collated with the values of hardness and the bending strength. The results of the work are supplemented by a detailed analysis of the carbide particles of both monitored conditions.