The M2 high-speed steel strip was produced by using the laboratory scale twin roll strip caster. The microstructure and eutectic carbide morphology of thus produced products were observed and analyzed, and the comparison of those with conventional products was carried out. The effects of the processing parameters such as the melting temperature, the pouring temperature, rolling speed and separating force on the microstructure and eutectic carbide morphology and their distribution were analyzed. The spheroidizing process of the strips in the annealing process was investigated. The relations between the growth and spheroidizing of the eutectic carbide and the annealing technology were obtained, and the mechanism of the twin roll strip casting process improving the eutectic carbide spheroidizing was discussed. The theoretical instruction for determining the subsequent treatment process was provided.