The effects of cryogenic and stress relief treatments on temper carbide precipitation in the cold work tool steel AISI D2 were studied. For the cryogenic treatment the temperature was −196°C and the holding time was 2, 24 or 30 h. The stress relief heat treatment was carried at 130°C/90 min, when applied. All specimens were compared to a standard thermal cycle. Specimens were studied using metallographic characterisation, X-ray diffraction and thermoelectric power measurements. The metallographic characterisation used SEM (scanning electron microscopy) and SEM-FEG (SEM with field emission gun), besides OM (optical microscopy). No variation in the secondary carbides (micrometre sized) precipitation was found. The temper secondary carbides (nanosized) were found to be more finely dispersed in the matrix of the specimens with cryogenic treatment and without stress relief. The refinement of the temper secondary carbides was attributed to a possible in situ carbide precipitation during tempering.