Hot-work tool steels make up an important group of steels that are able to perform with good strength and toughness properties at elevated temperatures and stresses. They are able to gain this behavior through their alloy composition and heat treatment, which relies on the precipitation of alloy carbides to counter the loss in strength as the tempered material becomes more ductile. As demand grows for materials that are suitable for even harsher applications and that show improved mechanical qualities, the steel industry must continuously investigate the development of new steel grades. Within this context, the present work focuses on examining the mechanical properties and microstructure of two hot-work tool steels, of which one is a representative steel grade (Steel A) and the second a higher-alloyed variant (Steel B), at different tempering conditions. To complement the experimental work, precipitation simulations are used to monitor the progression of secondary carbide precipitation and to examine the predicted microstructural changes through varying the alloy composition. The study finds that Steel B does not actually have improved properties with respect to Steel A and suggests that the precipitation behavior of both steels is virtually identical. Despite this, the simulation work reveals that this behavior can change dramatically to favor more positive hardness contributions by increasing the alloy content of V. In short, with the project being part of an ongoing investigation, there remain several areas of analysis that need to be completed before offering a complete picture that can ultimately play a part in the development of a new hot-work tool steel grade.