On ageing at different temperatures a various combination of properties has been obtained for this Cu-bearing ultrahigh strength steel. A substantial increase in strength has been obtained at 450 °C, accompanied by a drop in percentage elongation, percentage reduction in area and toughness. At 550 °C temperature extensive ɛ-Cu precipitates have been observed. The increased strength value retained in the temperature range of 450–600 °C and a secondary hardening peak obtained at 600 °C is probably due to the formation of fine Mo carbide precipitates. The decrease in strength at 650 °C along with an increase in percentage elongation, percentage reduction in area and toughness is due to the coarsening of Cu particles and a partial recovery of matrix. At 700 °C most of the Cu precipitates become rod shaped and formation of fresh martensite with a dark contrast is observed at the lath boundaries.