The mechanical properties of high‐speed steel (HSS) are significantly influenced by the distribution of carbides formed during solidification. Despite extensive research, the nonuniform cooling in large ingots remains an area requiring further investigation. In this study, the microstructure inhomogeneity in M42 HSS with a diameter of 330 mm is examined. Models are developed to predict the dissolution of carbide networks during homogenization, achieving a 39% reduction in hardness variation (Δr) between the center and surface. Further improvements are attained through hot forging and rolling, leading to the fragmentation of the carbide network into a banded structure. Additionally, a detailed carbide tip dissolution model is established, providing a reliable basis for optimizing annealing processes. As a result, the carbide distribution converges significantly, with hardness variations reduced by 88% to only 0.3 hardness Rockwell C scale, showcasing substantial enhancement in material homogeneity.