To improve the performance of the steel for brake discs, like mechanical properties and thermal fatigue resistance, Nb is added to the steel. In this paper, the effects of Nb and tempering time on the microstructure and mechanical properties of the steel have been studied. The investigation of precipitation behaviors is based on Thermo‐Calc software and transmission electron microscopy. The results show there is a negative linear relationship between the yield strength and the logarithm of time, and tempering time should not exceed 2 h. V‐rich M8C7 and NbC occur during austenitizing, while (Mo,V)C, M23C6, and M7C3 precipitate during tempering. (Mo,V)C has a strong strengthening effect at the early stage of tempering, but it grows faster than M8C7. With 0.025% Nb addition, the yield strength and impact energy increase simultaneously due to the refinement of martensite; the addition of 0.045% Nb promotes the tempering stability due to the suppression of precipitation and coarsening of Cr carbides and the precipitation strengthening of M8C7 and NbC, therefore, the addition of 0.025–0.045% Nb is conducive to improving the performance of the steel. Moreover, the suppression of Cr carbides with 0.045% Nb addition makes up for the damage of large NbC to toughness.