The effect of deep cryogenic treatment on the microstructure, hardness, and wear behavior of D2 tool steel was studied by scanning electron microscopy (SEM), transmission electron microscopy (TEM), X-ray diffraction (XRD), hardness test, pin-on-disk wear test, and the reciprocating pin-on-flat wear test. The results show that deep cryogenic treatment eliminates retained austenite, makes a better carbide distribution, and increases the carbide content. Furthermore, some new nano-sized carbides form during the deep cryogenic treatment, thereby increasing the hardness and improving the wear behavior of the samples. The effect of deep cryogenic treatment on the microstructure, hardness, and wear behavior of D2 tool steel was studied by scanning electron microscopy (SEM), transmission electron microscopy (TEM), X-ray diffraction (XRD) -disk wear test, and the reciprocating pin-on-flat wear test. The results show that deep cryogenic treatment has retained an austenite, makes a better carbide distribution, and increases the carbide content. Furthermore, some new nano-sized carbides form during the deep cryogenic treatment, thereby increasing the hardness and improving the wear behavior of the samples.