To improve the strength and toughness of AISI 4340 steel, different microstructures, containing full bainite, bainite-ferrite, martensite-ferrite and full martensite were produced by different heat treatment cycles. Tensile, impact and hardness tests were carried out at room temperature. The ductile-brittle transition temperature was determined from impact data at different temperatures. The results showed that steel with bainite - 0.34 ferrite microstructure has the highest elongation and charpy impact energy, while its tensile strength and yield stress decreased in comparison to other microstructures. This increment was noticeable when bainite - 0.34 ferrite steel was tempered. The ductile-brittle transition temperature decreased with tempering of bainite -0.34 steel. The fracture surface analysis of charpy specimens also showed an increase in toughness of tempered bainite-ferrite in comparison to other microstructures.