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In order to improve the impact toughness and wear resistance of the tool and die steels, this study innovatively prepared strengthened H13 steels with different contents of single-phase TiC and dual-phase TiC + TiB2 through in situ nanoparticle/Al master alloys at room temperature. The microstructure evolution and mechanical properties as well as wear resistance were investigated. Results indicate that the H13 steel with 0.02 wt.% dual-phase TiC + TiB2 nanoparticles has a more uniform and finer microstructure, and the mechanical properties and wear resistance are significantly improved. The yield strength, maximum tensile strength, breaking strain, uniform elongation, product of strength plasticity, and unnotched and U-notched impact toughness of H13 steel with 0.02 wt.% dual-phase TiC + TiB2 are higher than that of H13 steel. In addition, the volume wear rate, maximum scratch depth and width reach 7.1 × 10−11 m3/m, 6050 nm and 90 μm, respectively, which are reduced by 44.5%, 30.1% and 45.5% compared with that of H13 steel. Refining the microstructure and improving impact toughness and wear resistance of H13 tool steel through trace nanoparticles can provide important inspiration for industrial applications.