High speed steels (HSS) have been widely used worldwide. This paper introduced some research results of high speed steels via Powder Metallurgy process. High speed steels AHPT15 (W12Cr4V5Co5 ) were investigated via gas atomization, hot isostatic pressing, hot working and heat treatment processes. Microstructure of the steels, precipitation of carbides and the influence of nonmetallic inclusions on mechanical properties of the steels were investigated. PM HSS showed fine and uniform microstructure and exhibited excellent toughness and wear resistance, with bend strength up to 3500 MPa and hardness up to 68.0 HRC.