The urgent task is the development of reliable and durable composite materials, manufactured from various components in terms of properties. Multilayered steel is among these materials. The alternation of a large number of heterogeneous layers makes it possible to obtain a complex of properties unattainable for homogeneous steel. To create a series of composite materials for the production of cutting tools based on instrumental powder steels (in particular, Uddeholm Elmax steel), the use of diffusion welding is possible. Study of the effect of heat treatment modes on the structure and performance properties of a multilayer composition based on Uddeholm Elmax and low-carbon stainless AISI420MoV steel has become the goal of this paper. The structures of initial steels and composite material after annealing, and then after quenching and tempering were studied. Metallographic examination of the samples was carried out with the help of “Thixomet” image analyzer. The structure of all samples was considered in the longitudinal section. A general view of the samples surface was investigated for the presence of any defects and nonmetallic inclusions. For this, panoramic images of the samples were considered. Carbide particle size measurements were also performed and the layers width in the multilayer composition was measured. It is shown that the material studied has a pronounced layered structure with a sharp transition from one layer to the next one. Technology used in the production of the composite material ensures that there is no transition zone between the layers. Also, there were no typical defects of diffusion welding – bundles, pores, oxide inclusions. It was established that during thermal processing the size of carbides inclusions in the structure of the composite material decreases, and their number increases. The layers formed by Uddeholm Elmax and AISI420MoV are distinguished by the number of such inclusions. The structural transformations occurring during thermal processing lead to an increase in the surface hardness (according to Rockwell) of the material under investigation. A study was also made of the corrosion resistance and microhardness of the composite material. The results of the work made it possible to recommend a heat treatment regime for the composition studied.