Herein, it was conducted a study in order to examine the main fracture characteristics in the transverse rupture strength test (TRS) of a high speed steel (HSS) AISI M2 produced by powder metallurgy (PM) and with boriding treatment. Four conditions have been studied: as-sintered, borided, normalized and borided + TiN. The TRS tests were conducted in accordance with ASTM B528-12 standard. Density, Vickers hardness and transverse rupture strength properties were evaluated. Fractography was observed by scanning electron microscope (SEM). TRS test in the as-sintered condition had the best performance. The fractography of samples showed very irregular appearance, with interconnected porosity for the matrix of the samples and the boride layer had a smooth surface with low porosity. It was observed on the boride layer, the growth of boride layers inside the pores, filling them, which is a positive factor on the TRS. However, cracks were observed in the FeB/Fe 2 B interface of boride layer, which embrittle the material and reduce the TRS. In fractography of borided samples, it is observed that two fracture modes occur, mode I and mode II. This should be explained owing to the difference between the elasticity modulus of FeB and Fe 2 B interface.