Effects of Mo content and aging conditions on the amount of retained austenite and mechanical properties of 18 Ni maraging steels were investigated. Maraging steels were fabricated with variation of Mo content. 3, 5, 7, 9% and heat treated by austenitizing at $840^{circ}C$ for 1 hour and then aged at $480^{circ}C$ for 0.5~100 hours. It was found that the amount of retained austenite after aolution treatment was negligible up to 5% Mo. 8 and 11 volume percents of retained austenite were obtained with 7 and 9% Mo respectively. The maximum hardness and yield strength without great loss of impact toughness were attained in the range of 4~8 hours of aging time at $480^{circ}C$ with 5% Mo. It was concluded, as a result, that the optimum Mo content for the good combination of strength and toughness is to be 5% Mo.