This research work was intended to investigate thermal treatment process of M2 high-speed steel for rapid tooling applications. The experiments were focused on the study of density, microstructure, hardness and shrinkage of M2 high-speed steel components. Thermal treatment includes de-binding, sintering and tempering of M2 high-speed steel powder. The results showed that 96% total density was obtained after sintering at 1300degreesC for 1 hour. Under this critical temperature shrinkage of a component can be controlled at the allowable level. After tempering, the typical hardness was HV510 (HRc50). The composition of the sintered parts was analysed using EDX. The results showed that tungsten carbide, iron carbide and molybdenum carbide is rich in the sintered samples. From the properties obtained, it is found that the process and material can be used in developing rapid tooling.