An experimental hot work tool steel with a leaner chemistry compared to the standard AISI-H13 grade, aimed at enhanced processability, was gas atomized and processed using laser powder bed fusion (L-PBF) to >99.8 % relative density. The lower carbon content (∼0.25 wt% vs. ∼0.4 wt% in H13) resulted in a softer as-built (AB), and quenched martensite (∼485 HV1 vs. 625 HV1 in H13), higher martensite-start temperature (∼360 °C vs. 280–320 °C), and about ∼18 % reduction in dilatation, ascribed to the volume expansive martensitic transformation. Charpy V-notch impact toughness in AB condition (>30 J) was higher than those reported for AB H13. These features account for the improved L-PBF processability. The tempering response in comparison with a wrought H13, was characterized by a larger precipitation of thermally stable Mo- and V-rich secondary hardening alloy carbides at the expense of the easy-to-coarsen Cr-rich ones, attributed to the higher Mo and lower Cr content in experimental alloy. The combination of lower C- and V-contents in experimental alloy, reduced the driving force for the precipitation of coarse vanadium rich carbides during austenitization, as confirmed by electron diffraction spectroscopy (EDS) and synchrotron X ray diffraction. This led to a stronger fine secondary hardening alloy carbide precipitation during tempering, and enhanced temper resistance. As elaborated by isochronal tempering, as well as tempering curves, reduction of the elements Si, and Cr shifted the secondary hardness peak to higher tempering temperatures. Consequently, tempering, and thermomechanical softening resistance was significantly enhanced in the new steel with a maximum hardness of ∼550 HV1 in over-tempered condition (i.e., slightly above secondary hardness peak). Thermal fatigue (TF) tests revealed a denser and finer TF crack network with a larger oxidation in experimental steel. Thereby, the TF crack penetration depth scaling with the local plastic yielding of the matrix was evidently shorter in the new steel compared with wrought H13, thanks to significantly improved hot hardness, thermal conductivity, and enhanced thermomechanical softening resistance. Finally, a proof of concept is demonstrated by processing a relatively large injection molding die (150 mm × 110 mm × 30 mm) with promising tensile and impact toughness properties after direct double tempering to 51 HRC, and 45 HRC hardness levels.