The performance of high-speed steel (HSS) powder is a prerequisite for the preparation of high-performance powder metallurgy HSS. The physical properties, microstructure, and solidification characteristics of HSS powder prepared by nitrogen gas atomisation were systematically studied and analysed in detail. For the atomised TPM558 HSS powder, the morphology is spherical and the particle size distribution is wide. The smooth small particles of satellite powder attach to the surface of large particles. Shrinkage pits caused by solidification shrinkage exist on the surface of large particles. The average cooling rate is between 104 and 106 K·s−1, with the increase of cooling rate, the powder surface tends to be smooth, and the grain structure is transformed in the order of cellular to dendritic to radial. The single powder particle surface shows fine-equiaxed grains, while the internal presents columnar grains. The crystalline phases of the powder are austenite, ferrite, martensite, and carbide, and the carbide includes MC carbide with face-centred structure and M2C carbide with hexagonal structure. The average nano-hardness of the powder is 9.93 GPa, resulting in poor formability, and it can be pressed and formed only after adding binder.