The influences of austenitizing conditions on the microstructure and wear resistance of a centrifugally cast high-speed steel roll were investigated through thermodynamic calculation, microstructural analysis, and high-temperature wear tests. When the austenitizing temperature was between 1323 K and 1423 K (1050°C and 1150°C), coarse eutectic M 2 C plates were decomposed into a mixture of MC and M 6 C particles. However, at 1473 K (1200°C), the M 2 C plates were first replaced by both new austenite grains and MC particles without M 6 C particles, and then remaining M 2 C particles were dissolved during the growth of MC particles. The wear resistance of the HSS roll was improved with increasing austenitizing temperature up to 1473 K (1200°C) because the coarse eutectic M 2 C plates, which are vulnerable to crack propagation, changed to disconnected hard M 6 C and MC particles.