ABSTRACT In the present work, the effect of heat treatment on the microstructure and mechanical properties of T-15 and M-4 high-speed steels was investigated. These steels were produced by powder metallurgy. Due to their frictional wear resistance properties, T-15 and M-4 high-speed steels are widely used in the cutting tool manufacture of the metalworking industry. A heat treatment was applied to both steels, heating them to 1250°C, then air quenching and, finally tempering at 550°C for 2 h, 3 times (triple tempering at 550°C). Steels were characterized by hardness test, metallographic analysis, tensile strength test, and fracture analysis after the heat treatment. Results were compared and related to the metallurgical microstructure, mainly to the distribution of carbides, and also to fracture type and characteristics. Test results and chemical analysis showed important differences between T-15 and M-4 steels.