This paper is an attempt of reviewing the outlooks about the favourable influence of retained austenite on fracture toughness of tool steels. The tests were performed on the samples made of the new 70HG2MF steel in which the fraction of retained austenite was changed by subquenching or by changing the austenitizing temperature. It was revealed that in the subquenched samples retained austenite affects strongly the increase of fracture toughness. On the other hand, however, in the samples austenitized at growing temperatures, the effect of this phase on fracture toughness is not so univocal since not only the volume fraction of retained austenite is subject to changes but also the character of fractures and the grain size.