A 2460 MPa ultimate tensile strength (UTS) has been achieved in this experimental steel, which was processed by a conventional hot stamping process with water quenching to room temperature. Additionally, comparing the microstructure evolution and strengthening mechanism before and after tempering, the microstructure has changed from fresh martensite transformed into tempered martensite with acicular carbides, and the fracture mode has also changed from brittle fracture transformed into ductile fracture mainly. Meanwhile, the main strengthening mechanism has changed from dislocation strengthening to precipitation and dislocation strengthening. Overall, the tempering process reduces dislocation density and produces acicular carbides, which decrease UTS. However, the tempering process reduces the quenching residual stress and changes the morphology of twin martensite, resulting in an increase in ductility. Meanwhile, it enhances the effect of carbide pinning dislocations, significantly enhances precipitation strengthening, and improves yield strength.