This study investigated the effect of heat treatment on the microstructure and impact toughness property of AISI D2 manufactured with direct energy deposition (DED) and compared the results with conventional wrought material. The fracture crack propagation behavior was examined in connection with microstructures through fracture surface analysis. AISI D2 manufactured with DED had a eutectic structure that turned into a net-type carbide after heat treatment, and Cr-rich needle-type secondary carbide was observed. Impact toughness of DED AISI D2 measured 2.0 J/cm2 in the as-built sample and 1.1 J/cm2 in the heat-treated sample. Compared to a wrought heat-treated AISI D2, DED AISI D2 had relatively low impact toughness. DED AISI D2 and wrought material had different crack propagation mechanisms. In DED AISI D2, the eutectic structure and net-type carbide boundary were identified as the major microstructural factor decreasing impact toughness.