High-Speed SteelSynopsis M 2 C eutectic carbide favours the mechanical properties of high-speed steels, but is often largely replaced by coarse M 6 C eutectic carbide in as-cast M42 steel. To deeply understand the formation behavior of M 2 C and M 6 C carbides, M 2 C and M 6 C eutectic alloys were prepared according to the composition of M 2 C and M 6 C eutectic mixtures in M42 steel, and their solidification behavior was investigated. Only one type of eutectic carbide is formed in water-quenched M 2 C and M 6 C eutectic alloys, i.e., M 2 C and M 6 C, respectively. Both M 2 C and M 6 C carbides appear in the alloys cooled at 3°C/min. However, the M 2 C eutectic alloy was more significantly affected in terms of carbide type by the low cooling rate. According to thermodynamic calculation, M 6 C carbide in the M 2 C eutectic alloy is only slightly more stable in thermodynamics above 1210.1 °C, below which M 2 C carbide becomes stable. For the M 6 C eutectic alloy, however, only M 6 C eutectic carbide is thermodynamically stable. Furthermore, thermodynamic results reveal that besides raising the content of C and V, reducing the content of Mo can also greatly promote the formation of M 2 C carbide in M42 steel, which updates the traditional opinion on the influence of Mo element. The results in this work provide the underlying insights needed to promote the formation of M 2 C carbide in M42 steel by fine-tuning the composition.