Abstract: As a tooling material with high strength and toughness, HSS is widely used in the manufacture of various cutting tools, moulds, rolls, wear parts, etc. By producing HSS through powder metallurgy, not only can the problem of tissue segregation be effectively avoided, but the mechanical properties and service life of the material are also improved. This paper outlines the development of powder metallurgy HSS, including the powder making process, forming process and the current situation at home and abroad, points out the current problems of powder metallurgy HSS, and outlooks its future development trend.