Abstract: High carbon high vanadium high speed steel samples of various compositions were prepared by means of non oxidation melting. The effect of heat treatment and the alloying elements including Ti, V, Nb, and Mo, on the micro structure and wear resistance of the steel samples has been examined. The wear mechanisms of the steel have been explored as well. As the results, high carbon high vanadium high speed steel shows much better wear resistance than high chromium cast iron. The wear resistance of the steel is highly dependent on the morphology and size of MC type carbide. The steel sample 2.0C 2Mo 5Cr 5W 8V which contains fine and dispersed MC type carbide micro structure has the best wear resistance. The wear mechanisms of the novel high speed steel are ploughing and brittle fragment and striping of carbide phase under stress.