A new maraging stainless steel with superior strength–toughness–corrosion synergy has been developed based on an innovative concept of alloy design. The high strength–toughness combination is achieved by forming dispersive nano-sized intermetallic compounds in the soft lath martensitic matrix with a slight amount of residual austenite. The good corrosion resistance is guaranteed by exactly controlling the Co content based on understanding the synergistic effect between Co and Cr. The fine structure characteristics of two dominant strengthening precipitations including Ni₃Ti and Mo-rich phases were finely characterized associated with transmission electron microscope (TEM) and atom probe tomography (APT) analyses. The relationship among microstructure, strength and toughness is discussed. The precipitation mechanism of different precipitates in the new maraging stainless steel is revealed based on the APT analysis.