Maraging steels are high-strength steels that are hardened by the formation of precipitates during an isothermal aging heat treatment. Depending on the aging temperature and time the cooling rate after holding can play a significant factor on the development of the microstructure and mechanical properties. This study seeks to show how the cooling time influences the precipitation hardening effect, austenite reversion and the development of hardness and impact toughness. The material was aged at a constant temperature using holding times of 0 h, 4 h and 15 h and cooled with different cooling rates resulting in cooling times of 7 h, 28 h and 56 h. The microstructure was characterized using a combination of electron backscatter diffraction, X-ray diffraction and atom probe tomography with cluster-based precipitate analysis. It is shown that the effect of the cooling time is strongly dependent on the holding time and that a longer cooling time can improve hardness and impact toughness.