This study focuses on the characterization of the microstructures of an FeCrMoVC alloy in two states (an as-cast and a heat-treated state) as well as the compressive strain rate-dependent material and fracture toughness behavior. Both microstructures consist of martensite, retained austenite and complex carbides. Tempering results in a transformation of retained austenite into martensite, the precipitation of fine alloy carbides, and diffusion processes. High yield stresses, flow and ultimate compressive strength values at a relatively good deformability were measured. The yield and flow stresses at the onset of deformation are higher for the heat-treated state due to higher martensitic phase fractions and fine precipitations of alloy carbides respectively. Compressive deformation causes a strain-induced transformation of retained austenite to alpha'-martensite. Hence, both high-strength alloys are TRIP-assisted steels (TRansformation-Induced Plasticity). However, the martensitic transformation is more pronounced in the as-cast state due to higher phase fractions of retained austenite already in the initial state. Examinations of strained microstructures showed decreased crystallite sizes with increasing deformation. It is assumed that, during plastic deformation, the amount of low angle grain boundaries increases while the incremental formation of alpha'-martensite leads to decreased crystallite size. In general, lower microstrains were determined in the heat-treated state as a consequence of stress relaxation during tempering. In comparison to commercially available tool steels, the determined fracture toughness K (Ic) of both variants revealed relatively high fracture toughness values. It was found that the lower shelf of K (Ic) is already reached at room temperature. Higher loading rates resulted in lower dynamic fracture toughness K (Id) values. Notch fracture toughness K (A) measurements indicate that the critical notch tip radii of the examined materials are slightly smaller than 0.09 mm.