This study presents the development and characterization of an experimental Cr-Mo-V hot work tool steel with reduced carbon (C) and silicon (Si) contents (0.25 wt.% C, 0.3 wt.% Si) produced by the laser powder bed fusion (L-PBF) technique. The alloy's improved processability is compared to conventional medium carbon (~0.4 wt.%) hot work tool steels. Tempering curves were constructed for as-built (AB) and quenched (Q) states, and the tempering response was systematically analysed concerning the initial microstructure, phase constituents, martensite substructure size, dislocation density, and precipitation of secondary carbides. To investigate the microstructural evolution during tempering, X-ray diffraction (XRD), Transmission Electron Microscopy (TEM), and Electron Backscatter Diffraction (EBSD) techniques were employed. The AB and Q microstructures and phases were examined before and after the tempering process. The findings of this study contribute to a deeper understanding of the tempering response of the low carbon Cr-Mo-V hot work tool steel including microstructural changes and mechanical properties.