The ability of cryogenic treatment to improve tool steel performance is well established; however, the selection of optimal heat treatment is pivotal for cost reduction and extended tool life. This investigation delves into the influence of distinct cryogenic and tempering treatments on the hardness, fracture toughness, and tribological properties of Vanadis 6 tool steel. Emphasis was given to comprehending wear mechanisms, wear mode identification, volume loss estimation, and detailed characterization of worn surfaces through scanning electron microscopy coupled with energy dispersive spectroscopy and confocal microscopy. The findings reveal an 8–9% increase and a 3% decrease in hardness with cryogenic treatment compared to conventional treatment when tempered at 170 °C and 530 °C, respectively. Cryotreated specimens exhibit an average of 15% improved fracture toughness after tempering at 530 °C compared to conventional treatment. Notably, cryogenic treatment at −140 °C emerges as the optimum temperature for enhanced wear performance in both low- and high-temperature tempering scenarios. The identified wear mechanisms range from tribo-oxidative at lower contacting conditions to severe delaminative wear at intense contacting conditions. These results align with microstructural features, emphasizing the optimal combination of reduced retained austenite and the highest carbide population density observed in −140 °C cryogenically treated steel.