The spatial distribution and structure of as-cast carbides and the effects of W, Mo, and V content on the morphology and amount of as-cast carbides in high-speed steels were studied systematically. It was shown that increasing the Mo and decreasing the W content led to a decrease in the amount of total eutectic carbide and an increase in the MC and M2C carbides. The eutectic morphology changed from skeletal to platelike when the content of Mo increased. The presence of V favored not only the formation of MC carbide but also the formation of M2C carbide and reduced the formation of M2C carbide. Increasing V led to an increase in the size of the eutectic carbides.