Abstract: As the tooling materials with high strength and toughness, the high speed steels (HSS) are widely used in the manufacture of cutting tools, moulds, rolls, and wear parts. The production of HSS by powder metallurgy not only avoids the problems of segregation and the formation of coarse reticulated carbides caused by inhomogeneous composition in the liquid phase sintering process, but also provides the products with fine grain size, excellent mechanical properties, and long service life. The general process and development of the HSS production by powder metallurgy were summarized in this paper, including powder making, forming, and the current development status at home and abroad, the problems of the current powder metallurgy HSS were pointed out, and the future development trend was prospected.