Heat treatment parameters were varied to determine the effect of normalizing and austenitizing temperature on the properties of an ultra-high strength wrought steel. Normalizing temperature did not have a significant effect on strength and ductility. Higher normalizing temperatures led to an increase in final prior austenite grain size and a slight loss in toughness. Austenitizing temperature of 825 °C was insufficient to produce a fully austenitic structure prior to quenching and led to sub-par impact behavior. The best properties were obtained after austenitizing at 915 °C followed by water quenching; the resulting quasi static properties were shown to be a yield strength of 1380 MPa with an ultimate tensile strength of 1670 MPa and 12.5% total ductility. Charpy V-notch impact properties as high as 52 J at −40 °C and 75 J at 25 °C and the behavior were achieved using higher austenitizing temperatures as well.