This property allows HSS to cut faster than high carbon steel, hence the name high-speed steel. At room temperature, in their generally recommended heat treatment, HSS grades generally display high hardness (above Rockwell hardness 60) and abrasion resistance (generally linked to tungsten and vanadium content often used in HSS) compared with common carbon and tool steels.

The main use of high-speed steels continues to be in the manufacture of various cutting tools: drills, taps, milling cutters, tool bits, hobbing (gear) cutters, saw blades, planer and jointer blades, router bits, etc., although usage for punches and dies is increasing.

High speed steels also found a market in fine hand tools where their relatively good toughness at high hardness, coupled with high abrasion resistance, made them suitable for low speed applications requiring a durable keen (sharp) edge, such as files, chisels, hand plane blades, and damascus kitchen knives and pocket knives.

High speed steel tools are the most popular for use in woodturning, as the speed of movement of the work past the edge is relatively high for handheld tools, and HSS holds its edge far longer than high carbon steel tools can.^{[citation needed]} High speed steel is used for cast iron cutting as well in CNC machines.

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