The impact of various heat treatment procedures on microstructure, dislocation density, hardness, tensile characteristics, and impact toughness of P92 steel was examined in the current experiment. The martensitic microstructure and average microhardness of 463 HV 0.2±8 HV 0.2 of the normalized steel were prevalent. A tempering procedure was carried out at 760 °C for a range of 2 hours to 6 hours. Additionally, an X‐ray diffraction examination was carried out, and the results were used to determine the dislocation density. The normalized sample was characterized by a high dislocation density. The dislocation density was decreased by tempering of normalized samples. With an increase in tempering time, the effect of the treatment coarsened the grains, precipitates, and decreased the area fraction of precipitates. After tempering, MX, M23C6, and M7C3 types precipitates were found to have precipitated, according to energy dispersive spectroscopy and x‐ray diffraction research. The ideal tempering period was determined to be 4 hours at a tempering temperature of 760 °C based on the microstructure and mechanical characteristics. Steel that was tempered at 760 °C for 4 hours had a yield strength of 472 MPa, an ultimate tensile strength of 668.02 MPa, and an elongation of 26.05 %, respectively.