Effect of austenitizing temperatures on the impact value of the AISI 4140 steel after repetition of spheroidization and cold deep drawing treatment has been studied. Sufficient dissolution of carbide was shown after austenitizing at the high temperature of $950^{circ}C$. Accordingly, the impact value was remarkably increased by tempering of this high temperature austenitized steel at the tempering temperature ranges between $570^{circ}C$ and $630^{circ}C$. On the other hand, remarkable decrease in the impact values and elongations were shown by tempering the low temperature-austenitized ($870^{circ}C$) steel due to the coarsening of undissolved-carbide existed at the austenitizing temperature.