Alloying elements and impurities influence ambiguously on the factors that determine the process of the austenite structure formation. This does not make it possible to qualitatively predict the direction of their influence on the change of austenite grain dispersion during austenitizing heating and the hardness of tool steel. To date, there is no information on mathematical models that reliably describe the influence of chemical composition and quenching temperature on the specified characteristics of tool steels. The influence of the chemical composition and quenching temperature on the austenite grain size and the hardness of tool steels was studied, with the development of mathematical models of such influence with the determination of the effectiveness of these factors. It was established that the size of the austenite grain and the hardness of the quenched tool steel are mainly determined by the nature and quantity of alloying elements, the degree of distortion of the crystal lattice and the quenching temperature. The main influence on the austenite grain size of tool steels is the quenching temperature and the quantity of carbon, molybdenum and tungsten in the steel. An increase in the heating temperature leads to growth, and the quantity of elements - to the dispersion of the austenite grain. According to the increase in the specific efficiency of the influence of 1% alloying element on the decreasing of the austenite grain size, they can be arranged in the following sequence: W, Mo, C, and the efficiency of their relative influence is, respectively, 1 : 1.4 : 6.7. The hardness of tool steel is mainly determined by the content of carbon, silicon, tungsten and molybdenum in the steel and the degree of distortion of the crystal lattice by them, as well as the quenching temperature. The evaluation of the effectiveness of the factors showed that the influence of carbon is 26%, tungsten – 22%, molybdenum – 20%, tempering temperature – 17% and silicon – 15%. The obtained regression equations can be used by scientists for further research and by practitioners in the selection of materials for making tools. Keywords: steel, chemical composition, temperature, quenching, grain, austenite, hardness