This review discusses the effects of alloying and microalloying elements on carbides in high-speed steel. High-speed steel contains various carbides, including MC, M2C, M3C, M4C, M6C, M7C3, and M23C6, which are influenced by alloying elements such as C, W, Mo, Cr, and V, as well as microalloying elements like N, B, Mg, and rare earth (RE) elements. The study highlights how these elements affect carbide formation, morphology, and distribution, which in turn influence the mechanical properties and performance of high-speed steel. Alloying elements such as C, W, Mo, Cr, and V play a crucial role in carbide formation. For example, Cr promotes the precipitation of M2C, N enhances the formation of fibrous M2C, Mg shatters large carbide grids, Nb refines granular MC, and RE elements encourage the formation of M6C, resulting in irregular M2C lamellae. Microalloying elements like N, B, Mg, and RE also improve carbide distribution and size, and refine the solidification structure of high-speed steel. The review also discusses the effects of various alloying elements on carbides. Carbon content influences carbide formation and distribution, with higher carbon content promoting the formation of MC and inhibiting M2C. Tungsten and molybdenum affect carbide structure and morphology, with higher tungsten content promoting M6C formation. Chromium enhances the hardenability of high-speed steel and promotes the precipitation of M2C. Vanadium is known for its strong bonding capacity and forms stable carbides like VC, which improve the mechanical properties of high-speed steel. Cobalt enhances the nucleation of MC and M2C, while silicon and aluminum refine carbides and improve mechanical properties. Microalloying elements such as nitrogen, boron, magnesium, niobium, titanium, and rare earth elements also influence carbide formation and distribution. Nitrogen refines carbide morphology and promotes the formation of M2C. Boron enhances carbide hardness and improves mechanical properties. Magnesium refines carbides and promotes the transformation of MC to M2C. Niobium refines carbide size and distribution, while titanium improves carbide morphology and enhances mechanical properties. Rare earth elements refine carbide morphology, promote M6C and MC precipitation, and improve the overall microstructure of high-speed steel. The review concludes that the regulation of carbide size, shape, distribution, and type remains a key focus of high-speed steel research. Future research should focus on optimizing the composition and processing of high-speed steel to achieve better performance and cost-effectiveness. Advances in manufacturing technologies, such as powder metallurgy and electroslag remelting, are expected to play a significant role in improving the quality and performance ofThis review discusses the effects of alloying and microalloying elements on carbides in high-speed steel. High-speed steel contains various carbides, including MC, M2C, M3C, M4C, M6C, M7C3, and M23C6, which are influenced by alloying elements such as C, W, Mo, Cr, and V, as well as microalloying elements like N, B, Mg, and rare earth (RE) elements. The study highlights how these elements affect carbide formation, morphology, and distribution, which in turn influence the mechanical properties and performance of high-speed steel. Alloying elements such as C, W, Mo, Cr, and V play a crucial role in carbide formation. For example, Cr promotes the precipitation of M2C, N enhances the formation of fibrous M2C, Mg shatters large carbide grids, Nb refines granular MC, and RE elements encourage the formation of M6C, resulting in irregular M2C lamellae. Microalloying elements like N, B, Mg, and RE also improve carbide distribution and size, and refine the solidification structure of high-speed steel. The review also discusses the effects of various alloying elements on carbides. Carbon content influences carbide formation and distribution, with higher carbon content promoting the formation of MC and inhibiting M2C. Tungsten and molybdenum affect carbide structure and morphology, with higher tungsten content promoting M6C formation. Chromium enhances the hardenability of high-speed steel and promotes the precipitation of M2C. Vanadium is known for its strong bonding capacity and forms stable carbides like VC, which improve the mechanical properties of high-speed steel. Cobalt enhances the nucleation of MC and M2C, while silicon and aluminum refine carbides and improve mechanical properties. Microalloying elements such as nitrogen, boron, magnesium, niobium, titanium, and rare earth elements also influence carbide formation and distribution. Nitrogen refines carbide morphology and promotes the formation of M2C. Boron enhances carbide hardness and improves mechanical properties. Magnesium refines carbides and promotes the transformation of MC to M2C. Niobium refines carbide size and distribution, while titanium improves carbide morphology and enhances mechanical properties. Rare earth elements refine carbide morphology, promote M6C and MC precipitation, and improve the overall microstructure of high-speed steel. The review concludes that the regulation of carbide size, shape, distribution, and type remains a key focus of high-speed steel research. Future research should focus on optimizing the composition and processing of high-speed steel to achieve better performance and cost-effectiveness. Advances in manufacturing technologies, such as powder metallurgy and electroslag remelting, are expected to play a significant role in improving the quality and performance of