Results are presented on a comparative analysis of high-strength 34KhN3MF steel in quenched and precipitation-hardened states-after quenching and tempering at the temperature of 600. . . 630 degree C. The following methods are used in the investigation: fatigue tests, mechanical tensile, impact strength, hardness tests, amplitude-dependent damping, electrical resistance, coercive force, X-ray and phase-chemical analyses. It is shown that steel in a tempered state has higher ductility allowance and structural power intensity as against the quenched state. It is valid irrespective of the remelting technique and for different types of deformation: relatively low tension, cyclic deformation, shock loading.