This work presents the results of investigations carried out using Mössbauer spectroscopy technique, and their interpretation concerning ferrite or martensite matrix and its changes during tempering. The changes in the matrix are brought about by the stress relaxation, retained austenite transformation, nucleation and solubility of ε carbides as well as cementite nucleation and growth. This research was conducted on a new high-carbon alloy 120MnCrMoV8-6-4-2 steel, which was designed by the Phase Transformations Research Group, AGH UST, in 1998. Mössbauer spectroscopy was applied not only for magnetic hyperfine field studies, but also for analysis of the values of quadrupole splitting and isomeric shift, what resulted in significant conclusions concerning the changes in matrix chemical composition, microstructure, and the level of stresses being present in it.