Regulating the Microstructure and Mechanical Properties of 22Cr12NiMoWV Martensitic Heat-Resistant Steel Through a Two-Step Heat Treatment

22Cr12NiMoWV martensitic heat-resistant steel serves as a candidate material for underground coiler sector plates, whereas the coupling relationship between partial austenitization, precipitate/carbide evolution, martensitic interfaces and mechanical response under medium-temperature quenching–tempering conditions is still ambiguous. This work systematically explores four key heat treatment variables to clarify the microstructure–property correlation and strengthening rebalance mechanism. In the 790–830 °C partial austenitization interval, the austenite fraction increases from 36.49 wt.% to 72.32 wt.% with a concurrent decline of M23C6 carbides from 5.34 wt.% to 4.92 wt.%, demonstrating competitive evolution between austenite generation and carbide retention. Specimens quenched at 810 °C for 2 h deliver a yield strength of 1015.4 ± 13.8 MPa and tensile strength of 1192.9 ± 17.8 MPa, 24.9% and 19.9% higher than conventional QT samples, owing to synergistic reinforcement from α′ martensite matrix, orientation interfaces and Cr-Mo-W-V-rich precipitates. After 400 °C × 4 h tempering, the steel still maintains superior strength, and its average misorientation falls from 40.41° to 31.17°. Though its engineering ductility is inferior to the quenched state, the mixed dimple–quasi-cleavage fracture mode suggests a partial recovery of ductile fracture characteristics compared with over-treated samples. The uncovered strengthening mechanism provides microstructural theoretical support for process optimization. Compared with the conventional quenching and tempering process, the optimized medium-temperature process (810 °C × 2 h quenching + 400 °C × 4 h tempering) reduces energy consumption and the production cycle and provides solid theoretical and experimental data for a green and low-cost industrial heat treatment of coil plates.