Taking V4 high-speed steel as the research subject， we employed three different processes—electroslag remelting， powder metallurgy， and spray forming. The effects of process differences on the microstructure and properties of large-sized modules were systematically compared， and the comparative advantages of the spray forming process were comprehensively analyzed. Experimental results showed that electroslag-remelted V4 steel exhibited severe carbide segregation， presenting a network-like and banded distribution with a carbide inhomogeneity reaching grade 8 and large carbide particle sizes of approximately 11.1 μm to 11.7 μm； powder-metallurgy V4 steel exhibited the most uniform microstructure， with a carbide inhomogeneity of grade 0 and a carbide size of only 3.0 μm； spray-formed V4 steel exhibited a carbide inhomogeneity of grade 1 and a carbide size of 9.0 μm， with significantly better microstructure uniformity than electroslag-remelted steel. After similar heat treatment processes， all three steels achieved hardness above 62 HRC. Among them， spray-formed V4 steel exhibited a hardness of 62.8 HRC， slightly lower than that of powder-metallurgy V4 steel （63.8 HRC） and electroslag-remelted V4 steel （63.6 HRC）， but it exhibited the best wear resistance with a wear loss of only 0.036 g. In summary， spray-formed V4 steel demonstrated microstructure uniformity and wear resistance comparable to powder-metallurgy V4 steel， while also offering relatively greater cost advantages. These findings provide theoretical and experimental references for the selection of preparation processes for V4 series high-performance high-speed steel.