In high-performance cold work applications, tool failure depends on the predominating loading conditions. Typical failure mechanisms are a combination of abrasive wear, adhesive wear, plastic deformation, cracking and edge crumbling. In this paper we demonstrate how the microstructure of tool steels can be positively influenced by modifying the alloying system and the production route to meet the demands of the different loading situations which occur during operation. The investigation was focused on ductility, fatigue strength and wear resistance. Theoretical considerations were confirmed by practical tests.