While tempering reactions under furnace conditions have been extensively studied, short-time tempering at higher temperatures, as might apply to induction tempering, has not been thoroughly explored. The mechanical behavior and phase development of short-time (1, 10, and 100 seconds) and conventionally (3600 seconds) tempered 4340 steel are compared at an equivalent degree of tempering defined by the Hollomon–Jaffe tempering parameter. The tempering parameter accurately predicts hardness values across short-time and conventional tempering conditions, but is less able to describe phase evolution associated with short-time tempering. Room temperature Charpy impact toughness and ductile-to-brittle transition temperature systematically improve with shorter tempering times at an equivalent tempering parameter. In particular, rapid tempering significantly increases toughness within the tempered martensite embrittlement regime. Relative to conventional tempering, shorter tempering times exhibit higher retained austenite content for a given tempering parameter, although no systematic or significant difference in cementite or transition carbide content is observed between time conditions. The retained austenite decomposition behavior indicates that the relationship between the classical tempering stages is altered at short tempering times, where increased overlap and/or “re-ordering” of stage II and III tempering are observed.