A numerical model was developed to simulate the jet-flow solid fraction of W18Cr4 V high-speed steel during spray forming. The whole model comprises two submodels: one is an individual droplet model, which describes the motion and thermal behaviors of individual droplets on the basis of Newton’s laws of motion and the convection heat transfer mechanism; the other is a droplet distribution model, which is used to calculate the droplet size distribution. After being verified, the model was used to analyze the effects of parameters, including the initial gas velocity, deposition distance, superheat degree, and the ratio of gas-to-metal mass flow rates, on the jet-flow solid fraction. Finally, an equation to predict the jet-flow solid fraction directly and conveniently according to the parameters was presented. The values predicted by the equation show good agreement with those calculated by the numerical model. A numerical model was developed to simulate the jet-flow solid fraction of W18Cr4 V high-speed steel during spray forming. One whole an individual droplet model, which describes the motion and thermal behaviors of individual droplets on the basis of Newton’s laws of motion and the convection heat transfer mechanism; the other is a droplet distribution model, which is used to calculate the droplet size distribution. After being verified, the model was used to analyze the effects of parameters, including the initial gas velocity, deposition distance, superheat degree, and the ratio of gas-to-metal mass flow rates, on the jet-flow solid fraction. Finally, an equation to predict the jet-flow solid fraction directly and conveniently according to the parameters was presented The values ​​predicted by the equation show good agreement with those calculated by the numerical model.