In this research, the effect of austenitizing at 900–1100 °C and tempering at 250–650 °C on the microstructure and mechanical properties of 410 and 410 Ni martensitic stainless steels was investigated. The transformation of austenite to ferrite surrounded the austenitizing within the temperature range of 900–1050 °C. The grain size and hardness measurements proved that austenitizing at 1050 °C leads to the partial dissolution of carbides without a considerable growth of austenite grains. The mechanical tests showed two peaks in strength and troughs in ductility by tempering at 450 and 650 °C due to the formation of primary and secondary carbides. The better ductility and fracture toughness in 410 Ni, comparing to 410, were attributed to the effect of Ni on stacking fault energy. Fractured surfaces revealed ductile fracture of the samples tempered at low temperatures, e.g., 250 °C. However, after tempering at 450 and 650 °C, 410 showed a brittle fracture and 410 Ni exhibited a dual intergranular-brittle fracture mechanism.