The effect of deep cryogenic treatment on the mechanical properties of 80CrMo12 5 tool steel was investigated. Moreover, the effects of stabilization (holding at room temperature for some periods before deep cryogenic treatment) and tempering before deep cryogenic treatment were studied. The results show that deep cryogenic treatment can eliminate the retained austenite, making a better carbide distribution and a higher carbide amount. As a result, a remarkable improvement in wear resistance of cryogenically treated specimens is observed. Moreover, the ultimate tensile strength increases, and the toughness of the sample decreases. It is also found that both stabilization and tempering before deep cryogenic treatment decrease the wear resistance, hardness, and carbides homogeneity compared to the deep cryogenically treated samples. It is concluded that deep cryogenic treatment should be performed without any delay on samples after quenching to reach the highest wear resistance and hardness.