The microstructure of Al-bearing high-boron high speed steel (AB-HSS) contains a large amount of borocarbides, which makes it have high hardness, superior wear resistance and thermal stability. But the borocarbides are coarser and continuously distribute along the grain boundary which seriously destroys the toughness of AB-HSS. In this paper, the microstructure and properties of AB-HSS were regulated by adding modifiers and quenching and tempering heat-treatment. The modifier was RE-Mg, Ti and N elements. The microstructure and properties of AB-HSS were investigated by means of optical microscopy (OM), scanning electron microscopy (SEM), X-ray diffraction (XRD), the electron probe microanalysis (EPMA), hardness testing, wear testing, and impact testing. The results show that the borocarbides in as-cast AB-HSS are found in intergranular networks showing different degrees of continuity after adding different types of modifiers. The matrix of as-cast AB-HSS all is composed of ferrite, pearlite and martensite, and the borocarbides all consist of M2(B,C) and M7(C,B)3 after adding different types of modifiers. After high-temperature heat treatment, the borocarbides in the microstructure of RE-Mg modification AB-HSS appear as discontinuous networks showing signs of spheroidization and the distribution of the borocarbides is more uniform. The matrix of RE-Mg modification AB-HSS is martensite and the borocarbides consist of M2(B,C), M7(C,B)3 and M23(C,B)6. The hardness of RE-Mg modification AB-HSS reaches 61.7 HRC, and impact toughness increases by 52%, and has excellent comprehensive mechanical properties.
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