A duplex treatment consisting of plasma nitriding (PN) and physical vapor deposition (PVD) significantly improves the thermal, tribological, and corrosion resistance of forming tools, and especially if they are intended for applications subject to high mechanical loads. This study investigates the influence of nitriding on the properties of a conventionally heat‐treated AISI D2 tool steel, coated with a Cr‐Al‐Ti‐B‐N layer, while the effect of the presence or absence of a compound layer is discussed. PN is performed at 510–520°C using different N2‐H2 gas mixtures. The Cr‐Al‐Ti‐B‐N layers are deposited at 480°C using a combination of cathodic arc evaporation and magnetron sputtering. The samples are characterized using electron probe microanalysis with wavelength‐dispersive X‐ray spectroscopy, optical and scanning electron microscopy, glancing‐angle X‐ray diffraction, surface hardness measurements, profilometry, Rockwell indentation, and scratch tests. These techniques reveal relationships between the depth gradient of the chemical composition and microstructure of the nitrided interlayer, the adhesion of the PVD coating, and the hardness of the tool steel. Although the PVD process induces a structural transformation in the compound layer, this transition does not have a negative influence on the adhesion of the PVD coating.