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The influence of martensitic microstructure and prior austenite grain (PAG) size on the mechanical properties of novel maraging steel was studied. This was achieved by looking at two different martensitic structures with PAG sizes of approximately 40 µm and 80 µm, produced by hot rolling to different reductions. Two ageing heat-treatments were considered: both heat-treatments consisted of austenisation at 960 °C, then aging at 560 °C for 5 h, but while one was rapidly cooled the other was slow cooled and then extended aged at 480 °C for 64 h. It is shown that for the shorter ageing treatment the smaller PAG size resulted in significant improvements in strength (increase of more than 150 MPa), ductility (four times increase), creep life (almost four times increase in creep life) and fatigue life (almost doubled). Whereas, the extended aged sample showed similar changes in the fatigue life, elongation and hardness it displayed yet showed no difference in tensile strength and creep. These results display the complexity of microstructural contributions to mechanical properties in maraging steels.