This work describes carbides present in the tool steel containing 2.5% C, 3.3% Si, 6.2% Cr, 2.2% Mo, 2.6% V, 2.6% Nb, 1.0% W, prepared by the powder metallurgy (PM) process. The influence of thermal treatment conditions on carbide behavior is investigated. During austenitization, some dissolution of M 7 C 3 occurs, while MC carbides are thermally stable. So, the quenched steel is composed of two types of carbides: chromium rich M 7 C 3 and niobium rich MC, besides martensite and retained austenite. During tempering of the hardened steel at the temperatures above 4808C, the precipitation of very fine carbides and martensite recovery occur, which results in secondary hardening. Precipitated particles are predominantly vanadium and molybdenum rich MC, M 2 C, and M 6 C carbides.