The microstructure and the stability of carbides after heat treatments in an H23 tool steel were investigated. The heat treatments consisted of austenization at two different austenizing temperatures (1100°C and 1250°C), followed by water quenching and double-aging at 650°C, 750°C, and 800°C with air cooling between the first and second aging treatments. Martensite did not form in the as-quenched microstructures, which consisted of a ferrite matrix, M 6 C, M 7 C 3 , and MC carbides. The double-aged microstructures consisted of a ferrite matrix and MC, M 6 C, M 7 C 3 , and M 23 C 6 carbides. Secondary hardening as a consequence of secondary precipitation of fine M 2 C carbides did not occur. There was disagreement between the experimental microstructure and the results of thermodynamic calculations. The highest double-aged hardness of the H23 tool steel was 448 HV after austenization at 1250°C and double-aging at 650°C, which suggested that this tool steel should be used at temperatures below 650°C.