The evolution of microstructures and mechanical properties with tempering temperature of a novel 2.5 GPa grade ultra-high strength steel with synergistic precipitation strengthening was investigated. With increasing tempering temperature, the experimental steel initially progressed from ε-carbides to M3C and then to M2C, followed by further coarsening of the M2C carbides and β-NiAl. Concurrently, the martensite matrix gradually decomposed and austenitized. The ultimate tensile strength and yield strength initially increased and subsequently decreased with rising tempering temperature, reaching peak value at 460 and 470 °C, respectively. Conversely, the ductility and toughness initially decreased and then increased with rising tempering temperature, reaching a minimum at 440 °C. The increase in strength was attributed to the secondary hardening effects resulting from carbide evolution and the precipitation of β-NiAl. The subsequent decrease in strength was due to the recovery of martensite and coarsening of precipitates. The decrease in ductility and toughness was linked to the precipitation of M3C, while their subsequent increase was primarily attributed to the dissolution of M3C and an increase in the volume fraction of reverted austenite. The high dislocation density of martensite, the film of reverted austenite, nanoscale M2C carbides, and ultrafine β-NiAl obtained during tempering at 480 °C resulted in the optimal mechanical properties of the experimental steel. The strength contributions from M2C carbides and β-NiAl were 1081 and 597 MPa, respectively.