Abstract:In order to understand the?composition and variation rules of?carbides?in high speed steel,?AHPT15M?(S390)?was employed as research object.?By using physical and chemical phase analysis, the change of carbide content, type and size in different?state, such as annealed, quenched and tempered state, were analyzed. Results show that the total mass percent of carbide is 28.08%, 18.40% and 24.84% in annealed, quenched and tempered state, respectively.