51CrV4 steel is extensively used in large-size damping springs for trains and vehicles. Quenching conditions play an important role in performance enhancement. The present work investigated the effects of various oil-bath temperatures and out-of-oil temperatures on the microstructure and the mechanical properties of this steel. The morphological examination focused on both the quenched martensite and the tempered troostite. Tensile and hardness tests were carried out to evaluate the mechanical properties. The results showed that a coarsening of the martensite occurred at a high oil-bath temperature. In addition, the size and fraction of bainite islands also increased with the increase of oil-bath temperature. In contrast, the carbide size and the intercarbide spacing both increased with the increase of oil-bath temperature. Thus, the tensile strength and the hardness both decreased with increasing oil-bath temperature in accordance with the Hall-Petch relationship. Correspondingly, the ductility increased as the oil-bath temperature increased. At a relatively high out-of-oil temperature, the martensite underwent an auto-tempering process, which led to the precipitation of many tiny carbide particles in the as-quenched martensite laths. This auto-tempering effect enhanced the width of large-sized carbides and reduced their length in the final microstructure. The intercarbide spacings increased with increasing out-of-oil temperature. As the oil-bath temperature increased, the tensile strength and hardness decreased, and the ductility increased. The fracture morphology was examined to explain the results of mechanical properties.