The present work evaluated the tempering temperature influence on microstructure, mechanical properties and residual stresses of AISI 4340 steel. The residual stresses were measured by X‑ray diffraction (XRD) by the sin²ψ method and compared to magnetic Barkhausen noise (MBN). The residual stresses exhibited high tensile values after quenching, but a small relief was observed in tempering treatments at 300°C and 400°C, which also presented a hardness decrease compared to the as‑quenched condition. XRD and MBN analyses indicated that residual stresses became compressive in tempering performed between 500°C and 650°C. Therefore, compressive residual stresses combined with appropriate hardness and toughness values (35 HRC and 33 J) obtained from 500°C tempering temperature can be used to improve the mechanical properties of AISI 4340 steel components. Additionally, a mathematical model was established to estimate the tempered martensite hardness for different tempering temperature conditions. This model showed high accuracy (R2=0.99) for a holding time of 90 minutes.