In this study, the effect of tempering conditions on microstructure, grain size, and carbide phase compositions of spray-formed high-speed steel after quenching at 1180 °C was studied. The influence of carbide phase, size of carbides, and retained austenite content on secondary hardening of the steel was analyzed by field emission scanning electron microscope (FESEM), transmission electron microscope (TEM), electron backscattered diffraction (EBSD), and differential scanning calorimetry (DSC); the hardness, microhardness of carbide, and bending strength were tested. The results show that M₃C, M₆C, M₇C₃, and MC carbides may precipitate at different tempering temperatures and the transformation of the retained austenite can be controlled by tempering. The phase composition of carbides, microstructure, and retained austenite content strongly influences the performance characteristics of M42 high-speed steel after tempering. In contrast, the secondary carbides produced by tempering thrice at 540 °C are mainly M₆C carbides rich in W and Mo elements, and the content of retained austenite is effectively reduced. At this stage, the Rockwell hardness reaches 67.2 HRC, bending strength reaches 3115 MPa, and the properties and microstructure are optimal.