The aim of this research was to determine the effect of vacuum-heat-treatment process parameters on the material properties and their correlations for low-Si-content AISI H11-type hot-work tool steel using a single Circumferentially Notched and fatigue Pre-cracked Tensile Bar (CNPTB) test specimen. The work was also focused on the potential of the proposed approach for designing advanced tempering diagrams and optimizing the vacuum heat treatment and design of forming tools. The results show that the CNPTB specimen allows a simultaneous determination and correlation of multiple properties for hot-work tool steels, with the compression and bending strength both increasing with hardness, and the strain-hardening exponent and bending strain increasing with the fracture toughness. On the other hand, the best machinability and surface quality of the hardened hot-work tool steel are obtained for hardness values between 46 and 50 HRC and a fracture toughness below 60 MPa√m.