In present work, nitrogen effects on microstructural evolution, fracture behavior of Cr‐Mo‐V hot‐working die steel during high‐temperature deformation at 700 °C are systematically investigated. The results reveal that increasing N/C ratio can enhance the amounts and stability of undissolved V(C, N) and enable austenitizing temperature of steel increase from 1030 °C to 1080‐1100 °C. Adding both nitrogen and nitrogen‐substituted carbon can increase the ultimate tensile strength (UTS) at 700 °C from 380 MPa to 480‐490 MPa, but had the inverse effect on resistance to crack initiation. Nitrogen addition promotes the M23C6 nucleation locating on the boundary and decrease resistance to crack initiation. The mechanisms of nitrogen‐substituted carbon contributing to the improvement of resistance to crack initiation and high‐temperature strength could be ascribed to several reasons. First, allowed higher austenitizing temperatures and lower carbides coarsening rates delayed matrix recovery and voids formation, ensuring grain boundary strength. Next, the amounts and coarsening rate of undesirable M23C6 located on the grain boundaries were effectively decreased, reducing the crack initiation. Then, increasing desirable V(C, N) could act as strong obstacles to the crack propagation. These results contributed to the further interpretation of nitrogen mechanisms in steels worked at high temperature.This article is protected by copyright. All rights reserved.