The semi-solid high carbon steel T12 was rolled in a closed box groove under a certain condition by the rheo-rolling equipment, and the microstructural morphology of the semi-solid T12 before and after deformation was investigated by optical microscope to analyze and summarize the microstructure evolution law of T12 deformed in semi-solid state. The experiment results show that the grain shape before deformation of the semi-solid T12 steel displays globule or ellipse by the electromagnetic stirring, the distribution of solid and liquid phases is homogeneous. But the microstructure of semi-solid product after rheo-rolling exhibits macrosegregation that the distribution of liquid and solid phases changes, the liquid phases divorce from the solid phases. In the transverse section, most of the solid phases get together in the center of the specimen, the liquid phases flow to the surface or the edge of the specimen, and the grains occur plastic deformation while reduction increased. In longitudinal section, the middle microstructure of the specimen is more homogeneous than that at the head or tail, the head microstructure is similar to the tail and the size of the grains is not homogeneous.