Recent cold-rolling mills are increasingly being operated under high load and high speed, increasing the load imposed on the work rolls. Therefore, there is an increasing need for rolls that exhibit excellent resistance against wear, seizure and decreased roughness. This paper reports the results of a study conducted to improve these properties of rolls by adding vanadium to 5% chromium steel, which is widely used for cold-milling work rolls and intermediate rolls, to increase the amount of carbide. A laboratory test confirmed that adding a proper amount of V improves the properties of rolls, while maintaining the same level of hardness as that of the conventional 5% Cr steel. It has also been verified that the selected alloy composition allows the actual rolls to be made without any problems, and the rolls are compatible with broad hardness specifications.