To increase lubricating performance without largely reducing the wear resistance of a high speed steel tool.

A large number of recesses 32 are formed in the surface 20 of a tool base material 18 by dissolving with a solvent and removing the carbides 30b of tungsten and molybdenum other than the carbide 30a of vanadium out of the carbides 30a, 30b generated on the tool base material 18 by hardening and tempering. Since the recesses 32 are used as oil sumps, the lubricating performance is increased when screw rolling operation is performed using a lubricant. Though the wear resistance of the tool base 18 is reduced by the removal of the carbide 30b, the lowering of the wear resistance is suppressed since the carbide 30a of vanadium with the highest hardness still remains, the wear resistance higher than that obtained by the porous oxide film provided by a conventional steam treatment, and the increase effect of the lubricating performance by the oil sumps (recesses 32) is provided over a long period. Consequently, the durability of the high speed steel tool is improved.