Two types of advanced cold-work tool steels were characterized and compared. A higher-alloyed ledeburitic steel with primary carbides (denoted as 9Cr) and a lower-alloyed steel without primary carbides (5Cr) were fabricated by vacuum induction melting and subsequent hot forging. They were spheroidizing-annealed at 870℃, quenched at 1030℃ and tempered at 180 or 520℃. Their machinability after annealing and hardness, impact toughness, wear resistance after tempering were compared and interpreted in association with their characteristic microstructures. After annealing, 5Cr showed higher resistance to machining due to higher ductility and toughness in spite of lower strength and smaller carbide volume. Owing to smaller carbide volume fraction and the absence of coarse primary carbides, 5Cr showed even better impact toughness although the hardness was lower. The improved toughness of 5Cr resulted in excellent wear resistance, while smaller volume fraction of retained austenite also contributed to it.