The present work has investigated the influence of calcium on the microstructure and properties of AISI M2 high speed steels. The results show that the as-cast structure consists of the iron matrix and networks of M2C eutectic carbides, which are greatly refined in the ingot modified by calcium. Meanwhile, the morphology of M2C evolves from the plate-like shape into the fibrous one. Compared with the plate-like M2C, the fibrous M2C is less stable at high temperatures, which promotes the spheroidization and refinement of carbides. Therefore, M2 steels modified by calcium obtain higher hardness and red-hardness after heat treatment than those without the addition of calcium.