The study presents the latest developments in terms of speed and integration of the electron backscatter diffraction (EBSD) and energy dispersive spectroscopy (EDS) techniques. The microstructural features and texture of a commercially available tool steel have been analyzed by simultaneous EBSD/EDS measurements. The EDS data was used for confirming/correcting the EBSD results as well as for detecting the presence of ultrafine carbide precipitates. The results indicate the formation of two different types of carbides inside a ferritic matrix. Most of the matrix was found to be composed of fully recrystallized grains with average diameters around 10 microns. Zones characterized by finer submicron scale grains could also be identified locally as well as grains containing networks of subgrain boundaries. This study demonstrates that the combination of the two techniques, i.e. EBSD and EDS, results in a powerful tool for a fast, reliable and complete characterization of multiphase materials.