The microstructure of a powder metallurgical processed high speed steel (nom. composition (wt.%): 1.6 C, 4.8 Cr, 2.0 Mo, 5.0 V, 105 W, 8.0 Co and balance Fe) has been examined using 3D-atom probe technique. By the depth profiling of the time to flight mass spectrometer and position sensitive recording, cylindrical volumes of 10-15 nm in diameter and up to 40 nm in depth have been probed and characterized. The depth profiling measurements of the samples show generally a very homogeneous structure which was expected by the powder metallurgical processing of the material. Different morphologies of the precipitates were recorded. Besides the needle shaped precipitates with an extend up to 20 nm and thickness of few atomic layers, platelets and spherical particles are observed as well. The species which can be assigned to the precipitates appear to some extend as MC molecules in the mass histogram, while the leading constituents in this MC are Mo, V and Cr. Beside distinct particles agglomerations like one-dimensional atomic chains of the alloy components are also observed in the 3D reconstructions of the tool steel matrix. (C) 2004 Elsevier B.V. All rights reserved.