The relationships between the recovery and recrystallization of hot-deformed austenite grains and the precipitation of carbide on tempering in a 0.3C-Ni-Cr-Mo-V steel have been studied to examine closely the favourable effects of high-temperature thermomechanical treatment (HTMT) on the mechanical properties in steel. The results show that the strength and toughness increase with increasing degree of deformation by HTMT, particularly in which the ductile-brittle transition temperature as a measure of toughness decreases steeply with increasing degree of deformation. From the analysis of line broadening on (1 1 0)M and hardness change with holding time after hot deformation, the dynamic recovery and recrystallization during HTMT are believed not to occur. Owing to this, the random distribution of fine carbide precipitates in martensite structure is hardly affected. Consequently, the improvement of mechanical properties by HTMT is due to the distribution of fine carbide precipitates within martensite lath and the refinement of the martensite stru ctu re.