Fe-Cr-Mo-Ni-C-Co alloy was quenched in liquid nitrogen and held for 24 h. Hardness tester, OM, XRD, SEM were used to investigate the mechanical properties and microstructures of the alloy. The results show that the hardness increases by 1-2 (HRC) and the compressive strength decreases slightly after cryogenic treatment. The increase in hardness is attributed to the transformation from austenite to martensite and the precipitation of the very tiny carbide η-Fe2C. The decrease in compressive strength is caused by residual stress. The great amount of carbides, such as Cr7C3 and Fe2MoC, in the alloy and the obvious difference in thermal expansion coefficient between these carbides and the matrix at the cryogenic temperatures lead to this residual stress. The microscopy of cryogenic martensite is different from that of the non-cryogenic martensite. The cryogenic martensite is long and fine;while the non-cryogenic martensite is short and coarse. There is obvious surface relief of the cryogenic martensite transformation. It is not orientational of this kind surface relief and the boundary of this surface relief is smooth and in a shape of butterfly. The surface relief in the non-cryogenic martensite is wide and arranged in parallel, and the boundary of surface relief is not smooth. These characteristics may imply different growth ways of the two kinds of martensite.