The mechanical properties of maraging steels are strongly influenced by the presence of reverted austenite. In this study, the morphology and chemical composition of reverted austenite in a corrosion resistant maraging steel was characterized using transmission electron microscopy (TEM) and atom probe tomography (APT). Two types of austenite, i.e. granular and elongated, are present after aging at 575 degrees C, whereby the content of the latter increases during aging. The investigations revealed that the austenite phase is enriched in Ni, which prevents the transformation to martensite during cooling. Inside and next to the austenitc areas, Mo and Cr-rich carbides, which form during the aging treatment, were found. Various aging treatments were performed to obtain the activation energy for the formation of reverted austenite. Additionally, the experimental data are compared with thermodynamic and kinetic simulations. Based on these results and the chemical composition changes of the phases, a model for the formation of reverted austenite is presented. It is concluded that precipitation of B2-ordered NiAl and formation of reverted austenite take place simultaneously during aging and that dissolution of precipitates is not essential for the initial formation of reverted austenite. (C) 2010 Elsevier B.V. All rights reserved.