This paper reported the facile fabrication of high-vanadium high-speed steel (HVHSS) by the conventional powder metallurgy process for the wear-resistant applications. The effect of compaction pressure and of subsequent sintering temperatures on the formability and structural evolution of HVHSS was assessed by scanning electron microscopy (SEM) with electron-dispersive spectra (EDS), and X-ray diffraction (XRD) analysis. The results well revealed the primary constitution composed of mixed hardening phases MC and M6C existing within the α-ferrite matrix after hot solidification, and the association of microstructural alteration with the sintering temperatures was discussed for as-obtained HVHSS specimens. The HVHSS attained the desirable values of mechanical hardness and bending strength and thereby delivered the capability of friction reduction and wear inhibition, closely depending on the sintering temperature. The optimal sintering condition was determined on the basis of bulk density, shrinkage, and capability assessments. A well-established fabricating route for producing high-quality HVHSS was explored through the combined process of cold compaction and subsequent sintering on the conceptual design of chemical composition and alloying design of commercial M2 steel.