Hot work steels used as dies in metal forming processes must endure harsh conditions, typically achieved through a martensitic structure. However, retained austenite can persist after martensitic transformation, negatively impacting mechanical properties. Cryogenic treatment (CT) refines martensite, reduces retained austenite, and increases fine carbide density, thus enhancing performance. DIN 1.2888, a hot work tool steel with high cobalt content (~10%) and low carbon content (~0.2%), is less studied concerning the effects of CT. The objective of this study was to investigate how cryogenic treatment affects the mechanical and microstructural properties of DIN 1.2888 steel. Samples underwent conventional heat treatment (HT) and CT at -100, -140, and -180°C for 6 hours, followed by double tempering. Various analytical methods, including X-ray diffraction (XRD), scanning electron microscopy with energy-dispersive X-ray spectroscopy (SEM-EDS), and Vickers Microhardness tests, were used to examine the samples. Wear mechanisms were evaluated through pin-on-disc tests under different loads, and impact toughness was measured both at room temperature and the working temperature of dies (350°C). Results indicated that lowering the cryogenic treatment temperature resulted in a slight increase in hardness values from 507HV for the heat-treated sample to 529HV for the sample treated at -180°C. Additionally, the impact toughness improved significantly, with values rising from 12.35J for the heat-treated sample to 23.44J at 350°C for the cryogenically treated sample at -180°C. Wear rates also decreased by approximately 50%, particularly at higher cryogenic treatment temperatures. The improvement in wear resistance was attributed to finer carbide precipitation and a more homogeneous distribution of carbides. These findings suggest that deep cryogenic treatment has a positive effect on DIN 1.2888 steel by decreasing retained austenite and increasing fine carbide density, leading to enhanced mechanical properties and extending the lifespan of the steel in die applications.