3%C-18%Cr-1%Mo-2%Ni-1%Mn high chromium cast iron was casted and destabilized at temperatures of 900, 1000 and $1100^{circ}C$ for 1, 2, 4 and 8hr under $N_2$atmosphere to observe the effect of destabilization temperature and time on the carbide and matrix structures. In as-cast condition, the microstructure consisted of $M_{ 7}$$C_3$ carbides and matrix structures which were composed of 91.50% austenite and 8.50% martensite. Numerous fine secondary carbides were observed in the specimens destabilized at $900^{circ}C$ for 1, 2, 4 and 8hr. But, the number of secondary carbides were much reduced with the increased destabilization temperature. More austenite was formed in the matrix with the higher destabilization temperature. The amounts of austenite in the matrix were 4.23% at $900^{circ}C$, 29.68% at $1000^{circ}C$ and 66.51% at$ 1100^{circ}C$, respectively. However, the effect of destabilization time on the secondary carbide and matrix was very weak compared with that of destabilization temperature. The ranges of the amount of austenite in the matrix from 1hr to 8hr destabilization heat treatment were: 3.95%-4.35% at $900^{circ}C$, 28.89%-30.15% at $1000^{circ}C$ and 65.13%-67.12% at $1100^{circ}C$, respectively. The variation ranges were very narrow. The equilibrium concentration of C and Cr in austenite was already reached within 1hr during destabilization heat treatment. After an attainment of the equilibrium concentration of C and Cr in austenite, no more secondary carbide was precipitated from the matrix.