In this study, the quasi-static deformation and final fracture behavior of Pyrowear 53 is presented and discussed. This novel alloy steel has noticeably improved strength-, ductility- and fatigue-related properties to offer than other competing high-strength alloy steels having near similar chemical composition and processing history. The conjoint influence of composition and secondary processing on intrinsic microstructural effects, stress versus strain response, tensile properties and final fracture behavior are highlighted. The macroscopic fracture mode and microscopic features on the tensile fracture surface are presented and discussed in light of test specimen orientation. The intrinsic microscopic mechanisms governing tensile deformation and final fracture behavior of this novel steel are discussed in light of the role played by intrinsic microstructural features, deformation characteristics of the microstructural constituents and nature of loading.