The microstructure and wear behavior of S390 high-speed steel (HSS) reinforced with different volume fractions of MC-type carbides produced via spark plasma sintering were investigated using scanning electron microscopy (SEM) and transmission electron microscopy (TEM) in this study. SEM and TEM results show that V-W-rich carbides are formed around the added MC-type carbides, and these carbides have a similar composition to the M(C, N) carbides precipitated at high temperatures according to thermodynamic calculations. Both macrohardness and three-point bending results show that the carbide type is the dominant factor increasing the hardness, and the volume fraction of the carbide is the dominant factor leading to a decrease in the three-point bending strength. The wear mechanism of HSS metal matrix composites (MMCs) is confirmed as abrasive wear and oxidative wear via wear tracks and oxidation films. Compared with the sample without reinforcement (85 HRA, wear coefficient of 1.50 × 10⁻¹⁵ m²/N), the best MT-3 sample exhibits a hardness increase of 1.8 HRA and a three-fold increase in wear resistance.