This chapter provides a detailed account of the development of tool steel technology. It begins with a record of steelmaking in ancient and medieval times. The crucible melting process involved in making steel is then discussed. This is followed by a description of the increasing use of alloys for tool steels. The chapter provides information on the research investigations into the metallurgy of high-speed tool steels at MIT, Union Carbide, and Carbon Laboratories. The major research effort involved in substituting molybdenum for tungsten in high-speed tool steels is discussed. The chapter also describes the role of the Cleveland Twist Drill Company as the first adopter of molybdenum high-speed steel. It ends with a discussion on the advanced work on high-speed steels by Swedish researchers.