The effect of tempering temperature on microstructure and mechanical properties was studied in a lownitrogen, high-boron, 9%Cr steel. After normalizing and low-temperature tempering, cementite platelets precipitated within the martensitic matrix. This phase transformation has no distinct effect on mechanical properties. After tempering at 500°C, M 23 C 6 carbides appeared in the form of layers and particles with irregular shapes along the high-angle boundaries. Approximately, 6% of the retained austenite was observed after normalizing, which reduced to 2% after tempering at 550°C. This is accompanied by reduction in toughness from 40 J/cm 2 to 8.5 J/cm 2. Further increase of the tempering temperature led to spheroidization and coagulation of M 23 C 6 particles that is followed by a significant increase in toughness to 250 J/cm 2 at 750°C. Three-phase separations of M(C,N) carbonitrides to particles enriched with V, Nb and Ti were detected after high-temperature tempering.