In the process of heat treatment of 8620 low alloy steel, the heating rate is a critical parameter that must be carefully controlled to achieve the desired combination of microstructural features, mechanical properties, and corrosion resistance while simultaneously ensuring process efficiency and cost-effectiveness. This study investigates, for the first time, the microstructural evolution and electrochemical properties of 8620 steel under identical quenching and tempering heat treatment routes with slow-rate (SR) and fast-rate (FR) heating rates. Microstructural analysis revealed martensitic phases for SR, while FR exhibited a dual-phase microstructure containing ferrite. Upon tempering, for both samples, the martensite transformed into tempered martensite, with tempered (Temp) FR exhibiting around 50% smaller ferrite grains. Mechanical testing indicated that SR had 17% higher hardness than FR, although hardness decreased after tempering by 22% (SR) and 17% (FR). All electrochemical tests indicated that the as-quenched SR exhibited significantly superior corrosion resistance than FR. For instance, the polarization resistance of SR was 440 Ω higher than that of the FR samples. Tempering resulted in a considerable decrease in corrosion resistance for Temp SR, whereas Temp FR improved. Electrochemical characterization revealed Temp FR displayed close-to-ideal capacitive behavior and low double-layer capacitance, indicating enhanced overall corrosion resistance.