As an advanced manufacturing technology which has been developed rapidly in recent years, high speed machining is widely applied in many industries. The chip formation during high speed machining is a complicated material deformation and removing process. In research area of high speed machining, the prediction of chip morphology is a hot and difficult topic. A finite element method based on the software ABAOUS which involves Johnson-Cook material model and fracture criterion was used to simulate the serrated chip morphology and cutting force during high speed cutting of AISI 1045 hardened steel. The serrated chip morphology and cutting force were observed and measured by high speed cutting experiment of AISI 1045 hardened steel. The effects of rake angle on cutting force, sawtooth degree and space between sawteeth were discussed. The investigation indicates that the simulation results are consistent with the experiments and this finite element simulation method presented can be used to predict the chip morphology and cutting force accurately during high speed cutting of hardened steel.