Carbide precipitation and coarsening are investigated for quenched Dievar steel during tempering. Lath/lenticular martensite, retained austenite, lower bainite, auto-tempered, and larger spherical carbides are all observed in the as-quenched condition. The carbide precipitation sequence on tempering is ascertained to be: M₈C₇ + cementite → M₈C₇ + M₂C + M₇C₃ → M₈C₇ + M₇C₃ + M₂₃C₆ → M₈C₇ + M₇C₃ + M₂₃C₆ + M₆C; carbides become coarser on tempering, and the sizes for inter-lath carbides increase noticeably with increasing tempering temperatures due to the faster grain boundary diffusion, whereas the sizes for intra-lath carbides remain nearly constant. The rate of coarsening for carbides by tempering at 650 °C is much higher than those by tempering at 550 °C and 600 °C, due to the faster diffusion of alloying elements at higher temperatures.