本文研究了用机械合金化和热挤压成型的含弥散相的新型工具钢。选择了两种基体成分Fe-4Cr-3.5Mo-1V 和Fe-4Cr-5Mo-1V 作研究,并在每一个基体成分加入7.5～12.5体积百分比不同含量的TiC 和Al_2O_3,以提高其切削性能。研究结果表明,加TiC 是可取的,可使其钻削性能水平接近M_1工具钢。 In this paper, a new type of tool steel containing dispersed phases was fabricated by mechanical alloying and hot extrusion. Two kinds of matrix composites, Fe-4Cr-3.5Mo-1V and Fe-4Cr-5Mo-1V, were selected for the study. TiC and Al_2O_3 with different contents of 7.5-12.5 volume% were added into each matrix to improve its cutting performance. The results show that adding TiC is advisable, which can make its drilling performance close to M_1 tool steel.