In this paper, a new type of hot-work die steel with excellent high-temperature mechanical properties at 700 °C was designed based on the traditional 25Cr3Mo3NiNb steel with the help of Thermo-calc software. The effects of C, Cr, Mo, W and V on the types and mass fractions of carbides were studied. Phase diagram calculation revealed that with the increase of V and W contents and the decrease of Cr content, the precipitation temperature and the mass fraction of M23C6 carbides decreased. Meanwhile, the mass fraction of MC carbides increased as the Mo content decreased. Based on the thermodynamic calculation, new material 25Cr3Mo2NiWVNb steel was designed. Compared to the 25Cr3Mo3NiNb steel, more finely dispersed MC and M2C carbides with high thermal stability, as well as fewer M23C6 carbides with low thermal stability, were precipitated in the new steel. The high-temperature tensile showed that the new steel showed high thermal stability and strength even at 700 °C. The high-temperature strengthening effect might be ascribed to the fine and stable nano-scale MC and M2C carbides which precipitated during tempering.