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The effect of austempering parameters on the microstructure and mechanical properties of 27MnCrB5-2 steel has been investigated by means of: dilatometric, microstructural and fractographic analyses; tensile and Charpy V-notch (CVN) impact tests at room temperature and a low temperature.Microstructural analyses showed that upper bainite developed at a higher austempering temperature, while a mixed bainitic-martensitic microstructure formed at lower temperatures, with a different amount of bainite and martensite and a different size of bainite sheaf depending on the temperature. Tensile tests highlighted superior yield and tensile strengths (≈30%) for the mixed microstructure, with respect to both fully bainitic and Q&T microstructures, with only a low reduction in elongation to failure (≈10%). Impact tests confirmed that mixed microstructures have higher impact properties, at both room temperature and a low temperature.