Orthogonal cutting experiment of powder metallurgy steel was performed in cutting speeds ranging from 1 m/s to 150 m/s. High-speed cutting experiment was carried out with a high-speed impact-cutting tester. This study focuses on the change in the effects of free-cutting of manganese sulfide with cutting speed. The principal force and thrust force were measured. The cross sections of the chip and of the machined surface were observed. Color mapping analysis of the tool-chip contact region on the rake face with EPMA was done. Although the serrated type of chip formed in all experiments, the cutting mechanism was analyzed by employing a shear plane model. This paper discusses how the effect that MnS promotes the ductile fracture and the effect that MnS improves the friction property at the tool-chip interface change as the cutting speed increases.