The features of the carbide subsystem of 12% chromium heat-resistant ferritic-martensitic steel EP-823 after its traditional heat (THT) and high-temperature thermomechanical (HTMT) treatments are studied. After both treatments, this steel contains coarse M23C6 carbides (M – Fe, Cr), MX carbonitrides (M – Nb, Mo, V; X – C, N) and nanosized MX particles. HTMT leads to a decrease in the average size and surface density of M23C6 carbides and a simultaneous increase of the volume fraction of fine MX carbonitrides with a decrease in their average size compared to THT. According to the estimates of the level of dispersion strengthening by the second phase particles according to the Orowan mechanism, nanosized carbonitride particles make the largest contribution to the yield strength of EP-823 steel. One of the reasons for the higher (compared to THT) values of the steel strength properties is the HTMT-induced increase of their dispersion and volume fraction.