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The evolution of eutectic carbide in as-cast M2 high-speed steel on different deforming conditions was investigated. Initially, specimens were deformed by hot compression in the range of 1223 to 1398K at strain rates of 0.01 to 1.0s-1. In a series of continuous deformation tests the flow stress curves were determined for the downstream process simulation. Subsequently, metallographic examination was carried out before and after deformed specimens for carbides analysis. As-cast microstructure is characterized as a spherical matrix of austenite and a continuous network of rodlike or irregular eutectic carbide, whereas deformed microstructure has broken carbide network and smaller granular products on all experimental conditions. It suggests that eutectic carbides fracture to particles during hot deformation by thermomechanical disintegration, while diffusion-controlled phase transformation was not remarkable. Combination with numerical simulation, the relationship between breakdown ratio of carbide network and deforming parameters were concluded. Strain was the most important one to shatter eutectic carbides and disperse products. Furthermore, critical strain values were obtained, beyond which carbide network disappeared, and fractured carbides kept a stable profile and deformed with matrix coordinately. A higher temperature or lower strain rate resulted in a lower critical strain.