In this study, the effects of the various parameters of spinning and drawing processes on the properties of polyester full drawn yarn (FDY) prepared by steam processing during high-speed spinning were investigated using several techniques. The wet shrinkage ratio of the FDY was able to be manipulated by controlling the temperature and draw ratio. The FDY made using the steam high speed spinning technique exhibited identical properties (such as tenacity, elongation, and wet shrinkage ratio) to that of regular FDY, made using the spin-draw process. FDY prepared using the steam process during high-speed spinning showed excellent dyeability. The dye pick-up of the polyester yarn spun at high-speed spinning was found to be improved when dyed under an atmospheric pressure of $100^{circ}C$. This result was the same as regular FDY dyed under a high pressure of $130^{circ}C$.