The invention belongs to the technical field of metal materials, and in particular relates to a high-toughness and high-wear-resistance high-speed steel, its processing technology and a cutting tool using the technology. It solves technical problems such as unreasonable design of the prior art. The high-toughness and high-wear-resistant high-speed steel includes the following components in parts by mass: C: 0.97β1.06, Si: 0.20β0.55, Mn: 0.20β0.50, P: β€0.03, S: β€0.015, Cr: 3.80β4.40 , W: 2.30β2.45, Mo: 7.60β7.95, V: 1.95β2.10, Co: 2.85β3.50, and the rest is Fe; a processing technology, including A, billet preparation, B, forging, C, steel rolling, D, Cold drawing and E, heat treatment; a tool. The invention has the advantages of good hot working performance and cold working performance, low decarburization sensitivity, good cutting performance and long service life.