The influence of heating temperature in annealing treatment on morphology of eutectic carbide in twin roll casting strip of high speed steel was studied. The results of experiment indicate that network eutectic carbides keep on being dissolved and broken up with increasing of heating temperature. The granular carbides are increased gradually. Network eutectic carbides are transformed into granular carbides when heating temperature is up to 950?℃. The results of experiment were analyzed by means of Thompson Friedrich equation and it is shown that the reduction of eutectic spacing offers the suitable condition for eutectic carbides to being dissolved and granulated.