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The effect of rare earth elements on the thermal crocking resistance of high speed steel (HSS) rolls was investigated. Laser rapid heating was used for thermal fatigue experiments. Thermal crocks and microstructure were observed using metalloscopy and scanning electron microscopy. The results showed that thermal crocks initiated from the interface between the matrix and eutectic carbides (including M6C and M7C3 type carbides), and propagated along the interface between the two phases. MC type carbides enriched with vanadium could prevent the propagation of therrnal crocks. The presence of rare earth elements decreased the quantity of big eutectic carbides, and proportionally increased spherical and rod-shaped MC type carbide content. HSSO (0.00% RE) had approximately three times the thermal cracking density of HSS3 (0.12 wt.% RE). Rare earth elements were shown to significantly improve the microstructure and thermal cracking resistance of HSS rolls.