In this paper, a new method by combining cold drawing and martensitic transformation was proposed to produce ultrahigh-strength steel wire, and the effect of austenitizing heating rate on microstructure and mechanical properties was studied. Compared with Muffle furnace heating, salt bath heating has a much higher austenitizing heating rate, which is beneficial to obtain ultrafine-grained martensite for steel wire with a larger section. By salt bath hardening and low-temperature tempering, an ultrahigh strong (strength of 2.48 GPa) and tough (elongation of 6.0%) steel wire was produced. Moreover, to explore whether is it possible to replace long-time low-temperature tempering with short-time tempering at elevated temperatures to improve the tempering efficiency, the effect of tempering time on the evolution of microstructure and mechanical properties of the steel wires tempered at 350 °C was systematically studied. The results demonstrate that tempering at 350 °C for 30 s can endow the steel wire with comparable mechanical properties to that of the one tempered at 250 °C for 2 h. With tempering time prolonging, the strength decreases gradually with the precipitated phase transition from χ-Fe5C2 carbide into θ-Fe3C carbide and coarsening, which plays a major role in the strength decrease.