The structure of steel 14Kh17N2 after quenching exhibits α-phase (ferrite alloyed with chromium and nickel), which causes the formation of streaks, filaments, and other defects in the metal during rolling and hot pressure treatment. The properties of the microstructure of this steel can be judged by the state of the carbide phase segregating on phase interfaces and inside grains. A complex analysis of the changes in the state of the carbide phase M23C6 in the process of high-temperature tempering of steel 14Kh17N2 (for example, at 700°C is of practical interest. The results of this analysis make it possible to make recommendations on improvement of the properties of the steel and to refine the optimum chemical and phase compositions.