This article discusses the classifications of high-speed tool steels and describes alloying elements and their effects on the properties of high-speed tool steels. It analyzes the heat treatment of high-speed tool steels, namely, preheating, austenitizing, quenching, and tempering. Surface treatments for the high-speed tool steels are reviewed. The article emphasizes the properties and applications of high-speed tool steels and provides information on the factors in selecting high-speed tool steels.