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: 0.97‑1.06, Si: 0.20‑0.55, Mn: 0.20‑0.50, P: ≤0.03, S: ≤0.015, Cr: 3.80‑4.40 , W: 2.30‑2.45, Mo: 7.60‑7.95, V: 1.95‑2.10, Co: 2.85‑3.50, 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.