Abstract: A cutting tool having cutting edges made of a high speed tool steel exhibiting very high wear and anti-chipping resistances, and sufficient toughness is provided. The high speed tool steel consists essentially of by weight C:0.6 to 1.8%, Si:1.2% max, Mn:0.5% max, Cr:3.5 to 5.0%, Mo:10% max, W:21% max, V:2 to 4% and Co:7 to 10%, the balance being Fe and incidental impurities, and the steel of the cutting edge comprise MC-type carbide grains each having a maximum equal value diameter of a circle ranging substantially 5 to 14 &mgr;m, and the MC-type carbide grains having an equal value diameter of the circle ranging substantially 5 to 14 &mgr;m have a ratio between short and long diameters ranging over substantially 0.3.