Water-atomized powders of M3:2 high-speed steel (HSS) were blended with B4C and consolidated by cold press sintering. With the addition of B4C (~ 0.2 vol.%), satisfactory mechanical properties were achieved for HSS by sintering at a temperature as low as 1190 °C [e.g., 53.2 ± 0.2 in the Rockwell hardness (HRC) and 3074 ± 56 MPa in bending strength]. High relative density (98.5%) and good strength were attributed to the mechanism described as follows: First, the atoms of boron and carbon escaped after the reaction between B4C and iron matrix. Then, the sintered HSS was strengthened by boron atoms while they were distributed in M6C or MC carbides and iron matrix. Second, a plenty of M6C carbides were formed due to the release of carbon atoms. As a result, the value of solidus temperature was reduced. In addition, mechanical properties were greatly improved by heat treatment (quenching and tempering) (e.g., 61.2 ± 0.3 in HRC, 4356 ± 64 MPa in bending strength, and 42.3 ± 0.5 MPa m1/2 in fracture toughness, respectively).