The microscopic structure change rule in high speed steel (HSS) after an additional cryogenic treatment was studied in this paper. Highly dispersed nano-carbide (η-Fe2 C) separated from tempering martensite was found distributed on twin planes of marten-site and dislocation places. Retained austenite was found sheared into martensite and nano-carbide separated at the same time. In addition, the tempering martensite was fine-grained. The stated changes of HSS evidently improve the lifespan of HSS cutter and fully show the advantages of nano-structure. The cryogenic treatment of HSS also improves the roughness of HSS cutter (decrease Ra number by about 50%) and greatly increases the wear resistance of HSS cutter. Further experiments on the wear characteristic of HSS cutter supported the findings mentioned above. The stated HSS treatment technology would implement nano-structure of traditional tool steel through phase change. It could be a new method to improve the performance of HSS cutter. The microscopic structure change rule in high speed steel (HSS) after an additional cryogenic treatment was studied in this paper. Highly dispersed nano-carbide (η-Fe2 C) separated from tempering martensite was found distributed on twin planes of marten-site and dislocation places. Retained austenite was found sheared into martensite and nano-carbide separated at the same time. In addition, the tempering martensite was fine-grained. The stated changes of HSS evidently improve the lifespan of HSS cutter and fully show the advantages of nano- structure. The cryogenic treatment of HSS cutter also HSS cutter supported (HSV); HSS treatment technology would implement nano-structure of traditional tool steel through phase change. It could be a new method to improve the performance of HSS cut ter.