利用金相显微镜和硬度计进行组织分析和硬度测试，研究了不同退火工艺、淬火工艺和回火工艺对Cr12W钢组织和硬度的影响。结果表明：当退火温度为860℃时，组织球化均匀，硬度为240 HBW；随着淬火温度的升高，碳化物数量减少，当淬火温度为960~980℃时，显微组织细小，且970℃时硬度达到最大值；由于冷冲压模具要求在高硬度状态下使用，因此选择低温回火，经低温200℃回火后硬度为60 HRC；Cr12W钢的回火稳定性和冲击韧性较Cr12钢的好，且组织更加均匀细小。

The microstructure and hardness of Cr12W steel with optical microscopy and hardness tester were analyzed. The influence on microstructure and hardness of different annealing process, quenching and tempering process were studied.The results indicate that after annealing at 860℃, uniform and spherordizing microstructure can be obtained and hardness is 240 HBW. With the increase of quenching temperature, the amount of carbides is decreasing. Cr12W has fine microstructures after quenching at 960-980℃ and reaches maximum hardness at 970℃.Punching die is used with high hardness, so low temperature tempering is chose,and the hardness reaches 60 HRC after tempering at 200℃.The tempering stability and impact toughness of Cr12W steel is better than Cr12 steel,and the microstructure is finer.