AISI 420 martensitic stainless steel is widely used in the mould industry due to its high tensile strength, hardness, and corrosion properties. Another requirement concerning any material used for this type of application is high thermal conductivity to minimise the time between consecutive injection cycles. The surfaces of some parts of the mould may be textured and reinforced with a material with higher thermal conductivity to achieve this aim. The results of a detailed study on the texturing of annealed 420 stainless steel using a Nd:YVO4 fibre laser are presented in this work. The influence of the laser’s processing parameters (laser power, scanning speed, number of passes, and line spacing) on the dimensions of the track, microstructure, and hardness of the modified surfaces was studied. Based on the continuity and dimensions of the machined grooves, several promising textures could be produced with laser power values from 5 to 30 W, scanning speeds of 500 to 2000 mm/s, 8 passes or more, and line spacings of 40 and 50 µm. High laser powers were responsible for the dissolution of chromium carbides in the laser tracks, the incorporation of chromium in austenite, and the consequent hardening of the microstructure.