In space engines with liquid cryogenic LH2/ LO2 propellants, bearings are used in cryopumps subjected to harsh working conditions. High nitrogen martensitic stainless (HNMS) steel is a newly developed steel modifying currently used AISI 440C steel by partial substitution of C with N and is a potential replacement for AISI 440C as an antifriction bearing material In the present study, HNMS samples are austenitized at 1075 °C followed by cooling to −80 °C (CT) and then double tempering at 500 °C followed by cryogenic treatment at −196 °C for 8 h and 1 h soft tempering at 100 °C (CTC). Hardness increment by 7.9% and 7.6%, wear rate decrement by 11.11% and 7.69% and shift in DBTT from − 60 °C to − 90 °C was observed for CTC samples compared to CT samples at −196 °C and RT respectively. The improved properties for CTC samples might be due to precipitation and uniform distribution of tertiary nano precipitates.