The present research aims to clarify the grindability of vanadium PM HSS by comparing with that of conventional HSS (produced by melting process). The effects of lowering peripheral wheel speed are also investigated on the grinding performances of HSS. Following results are obtained. (1) When grinding high vanadium PM HSS by wheel with low hardness, two types of wheel wear behavior are observed. Wheel wear rate is relatively small at low table speed and large at high table speed. (2) In grinding PM HSS having high vanadium content, the wheel wear, the thermal affected layer and the deformation (concaveness) of ground surface are remarkably small comparing with those in grinding conventional HSS. (3) In PM HSS, grain size of vanadium carbide is very fine and the shape of grinding chips is thin and long. (4) In the case of low peripheral wheel speed, the grinding temperature and the deformation (concaveness) of ground surface are smaller than those in normal peripheral wheel speed. And in grinding PM HSS, the grinding ratio is twice as large as that measured in normal peripheral wheel speed.