High speed machining is one of the advanced manufacturing technologies which have developed quickly in recent years. Tool technology is key factor which will make influence to the efficiency and precision of HSM. The paper has analysis the HSM tool technology in terms of material, shank structure and tool balance. It brings forward that tool material with high property must match with workpiece to get high efficiency and precision in HSM. Three type of shank are introduced and using HSK can get better working performance due to its double-surface positioning and short tapered shank. The paper finally put forward the online balancing test technology which can achieves the actual signal collection of dynamic balance, and make technical analysis as well as processing in high-speed cutting.