The transformation of carbides with austenization time of a high speed steel (HSS) roll material, manufactured by a centrifugal casting method, has been studied. The correlation between wear resistance and the type, morphology, volume fraction, and distribution of the carbides has also been investigated. Microstructural observations, X-ray diffraction (XRD) analysis, hardness measurements, and energy dispersive spectroscopy (EDS) have been used to characterize the carbides. The type and volume fraction of carbides were found to change with austenizing time. During austenization, the transformation of the M 3 C carbides can be postulated as M 3 C + cFe fi M 2 C, with much finer nodular and rodlike MC carbides also forming through a solidstate transformation. The M 2 C carbide decomposes as M 2 C + c-Fe fi MC + M 7 C 3 + M 6 C. The decomposed carbide substantially maintains a platelike shape until the end of decomposition.