The application of HHP at low temperature (−30 °C) to previously frozen cured beef carpaccio minimized the discoloration occurring in unfrozen carpaccio pressurized at 20 °C. In these conditions, no effects of pressure level or holding time at working pressure were observed on lightness, redness and yellowness of raw cured beef, with the exception of the samples treated at 650 MPa for 5 min, which showed a significantly higher b* value. Moreover, the HHP treatment at−30 °C did not affect the shear force of the carpaccio respecting the untreated sample but was less effective than the HHP treatment at 20 °C in reducing the counts of the microorganisms analyzed. The freezing process would limit the effect of high pressure on microbial inactivation. The optimum industrial use of the results presented in this paper should involve the use of untreated samples with a reduced initial microbial load. Consequently, for the actual development of the product,further studies including the addition of antimicrobial compounds during carpaccio preparation (the tumbling stage) or before HHP treatment at subzero temperatures should be needed to ensure safety and extend the shelf life of cured beef carpaccio.