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The effect of spheroidizing annealing on carbide characteristic parameters, mechanical properties and wear resistance of the quenching and tempering (Q&T) high carbon martensitic stainless steel is investigated. The microstructure of the steel is characterized and analyzed through various techniques, including scanning electron microscope (SEM), X‐ray diffraction (XRD), electron backscattering diffraction (EBSD), and transmission electron microscope (TEM). Results show that the microstructure of the annealing steel is mainly composed of ferrite and M23C6 carbide. With the rise of austenitizing temperature, the average diameter of carbide of the annealed steel increases. The average diameter of carbides in the Q&T steel changes in the same way as that observed in the annealed steel. The steel has the lowest annealing hardness, highest Q&T toughness, and wear resistance at an annealed soaking temperature of 860 °C. The influence factor of the toughness and wear resistance can be identified that small‐sized carbides and low angle grain boundaries exhibit strong interface adhesive strength. This reduces the probability of cracking in the particle or at the interface. [ABSTRACT FROM AUTHOR]