The ultra-fine tungsten carbide(WC) powders have been actively used in the cemented carbides industry, because they have excellent mechanical properties such as high hardness, strength, and toughness. In this study, ultra-fine WC-Co alloys powders have been fabricated by thermochemical and thermomechanical process such as spray conversion process or high energy ball milling. The non-coated end-mill which is made of ultra-fine tungsten carbide is investigated by measuring cutting force, tool wear, tool life, and surface roughness profile according to cutting length. The machining test was conducted with high hardened workpiece and their performances are investigated in high speed cutting conditions. Also, the relationship between the machining characteristics and the Co contents are investigated under various high speed cutting conditions.