The fatigue behavior of high speed steel (HSS) roll materials for hot rolling was researched under water-cooling conditions by laser impacting. The microstructure of HSS sample and the morphologies of fatigue samples were observed by scanning electron microscope. The phase structure was detected by XRD. The morphology of situ oxide scale was observed by optical microscope, and the expansion coefficient was measured by TGA. The experiment results indicate that the cracks come into being at the carbide-matrix interface, but there are no cracks in the matrix after many times of laser impacting treatment, for the situ sample taken from the fractured roll surface, big carbides are more sensitive to the fatigue, and peel off prior to small ones. The relevant fatigue mechanisms are also discussed.