一种粉末冶金沉淀硬化高速钢，其化学成分按质量百分比计包含：C：0%-0.1%；Si：0%-1.0%；Mn：0%-0.5%；Co：16.0%-30.0%；W：0%-5.0%；Mo：15.0%-22.0%；（Mo+W/2）：10.0%-23.0%；余量为铁和杂质，且该钢主要由铁基立方固溶体基体与基体中金属间化合物（简称IMC）μ相组成，其中μ相为(Fe,Co)7(Mo+W/2)6型。本发明制得的粉末冶金沉淀硬化高速钢μ相尺寸细小且分布均匀，具备出色的力学性能，固溶时效处理后硬度可以达到65HRC以上，无缺口冲击韧性值达到11.0J以上，尤其是抗回火软化能力突出。

A powder metallurgical precipitation hardening high speed steel having a chemical composition comprising, in percent by mass: C: 0%-0.1%; Si: 0%-1.0%; Mn: 0%-0.5%; Co: 16.0%-30.0%; W: 0%-5.0%; Mo: 15.0%-22.0%; (Mo+W/2): 10.0%-23.0%; the balance being iron and impurities, and The steel is mainly composed of an iron-based cubic solid solution matrix with an intermetallic compound (referred to as IMC) μ-phase in the matrix, where the μ-phase is of the (Fe,Co)7(Mo+W/2)6 type. The powder metallurgical precipitation-hardened high-speed steel μ-phase produced by the present invention is small in size and uniform in distribution, and has excellent mechanical properties, with a hardness of more than 65 HRC after solid solution aging treatment and a notch-free impact toughness value of more than 11.0 J. Especially, it has outstanding resistance to tempering softening.