A 25CrMo48V steel for ultra-deep oil/gas well casings was quenched at 900-1 200 ℃ and tempered at 650 ℃. The lath martensitic structures were characterized by optical microscope (OM), field emission scanning electron microscopy (FESEM), electron backscattering diffraction (EBSD) and transmission electron microscopy (TEM), and the transverse impact energy at 0 ℃ was measured from the as-quenched and tempered specimens. The results show that with the quenching temperature decreased, the prior austenite grain, martensitic packet and block are refined, while the lath width seems to remain unchanged. The enhancement of impact toughness with the decreasing quenching temperature can be attributed to refinement of the martensitic structure with high-angle boundaries, and the block is the minimum structure unit controlling impact toughness. The transverse impact energy [ECVN (0 ℃) ≥100 J] required for seamless casings with ultra-high strength (Rp0.2≥932 MPa) has been finally achieved with the experimental steel quenched at 900-1 000 ℃ and tempered at 650 ℃.