The behavior of the EK-181 low-activation ferritic-martensitic reactor steel (Fe–12Cr–2W–V–Ta–B) in the states with different levels of strength and plastic properties after traditional heat treatment (THT) and after high-temperature thermomechanical treatment (HTMT) in the temperature range from −196 to 25 °C, including the range of its cold brittleness (ductile–brittle transition temperature, DBTT) is studied. The investigations are carried out using non-destructive acoustic methods (internal friction, elasticity) and transmission and scanning electron microscopy methods. It is found that the curves of temperature dependence of internal friction (the vibration decrement) of EK-181 steel after THT and HTMT are similar to those of its impact strength. Below the ductile–brittle transition temperature, it is characterized by a low level of dislocation internal friction. The temperature dependence curves of the steel elastic modulus increase monotonically with the decreasing temperature. In this case, the value of Young’s modulus is structure-sensitive. A modification of the microstructure of EK-181 steel as a result of HTMT causes its elastic modulus to increase, compared to that after THT, over the entire temperature range under study. The electron microscopic studies of the steel microstructure evolution near the fracture surface of the impact samples (in the region of dynamic crack propagation) in the temperature range from −196 to 100 °C reveal the traces of plastic deformation (increased dislocation density, fragmentation of the martensitic structure) at all of the temperatures under study, including those below the cold brittleness threshold of EK-181 steel.