High speed steels (HSS) are commonly used high alloyed ledeburtic tool steels with an optimised property profile. The laser cladding process is a quite new technique to produce novel types of high alloyed HSS, e.g. on the edges of cutting tools. In the framework of this theses the characterisation of HSS manufactured by laser cladding on thin steel strips and the development of a novel HSS, partially hardened by intermetallic phases was examined. Main emphasis was put on the characterisation of the evolution of the microstructure during heat treatment and on wear during cutting applications. Mechanical properties like fracture toughness, edge cracking stability and the thermal stability of the HSS-matrix, which are of main relevance for cutting operations, were investigated. The characterisation of the microstructure during heat treatment was carried out by means of Scanning Electron Microscopy and X-ray diffraction, the latter was performed at ambient and annealing temperature. The microstructure attained after heat treatment comprises a homogeneous carbide distribution comparable to the microstructure of conventional produced hot worked HSS. Cutting tests revealed that the wear-rate was significantly reduced for the laser cladded HSS. It can be concluded from the results that laser cladded HSS are suitable for cutting tool applications.