High speed steels with commercial compositions of 10V, Rex20, Rex25, T15, and ASP30 were gas-atomized and then consolidated by hot isostatic pressing (HIPping). The microstructures of gas-atomized powder, as-HiPped billet, and heat-treated billet have been characterized using optical microscope, scanning electron microscope and X-ray diffractometer. In the gas-atomized powders, the solidification structures of 10V and Rex25 alloys show that primary MC carbides embedded within the fine equiaxed dendrites, whereas those of Rex20, T15 and ASP30 alloys exhibited eutectic MC and/or M$_2$C carbides in the interdendritic region. The trace and dendritic morphologies of gas-atomized powder have been retained in as-HiPped billets. The microstructures of as-HiPped billets have been observed to consist of ferrite, $M_6C$ and MC carbides in other alloys with the exception of 10V alloy, which consists of ferrite and MC carbides. The hardness of heat-treated billet makes a favorable comparison with that of as-HIPped billet. This seems mainly to be due to the strengthening by the precipitation of secondary carbides and the change of matrix phase from $alpha$-ferrite to martensite.