Carbides in HSS roll were studied systematically. The results showed that there were two kinds of carbides in HSS roll, 1st and 2nd carbides. 1st eutectic carbides included the chrysanthemum-like MC mainly consisting of V and the plate-like M2C rich in Mo. 2nd carbides were complex carbides, concentrating Fe, Cr, Mo and V elements. The morphology, distribution and alloy concentration of the 1st eutectic carbides were studied using OM, SEM and EDS. During heat treatment, evolution of the 1st eutectic carbides was analyzed. It was found that the MC carbides had no change in morphology, components and distribution, while the M2C carbides decomposed to M6C and MC. In order to improve the properties of HSS, a method of increasing solidification rate was defined to refine the eutectic carbides. After refinement, the eutectic carbides distributed both along the grain boundaries and inside the grains.