In order to search for new wear resistant materials used as drilling tools and improve the service life and drilling efficiency, the 7Cr7Mo2V2Si steel was prepared and its abrasive wear behavior and mechanisms were studied under both dry and water wear conditions. The research results show that the wear losses of the 7Cr7Mo2V2Si steel increase with the increase of normal load and sliding speed at both of dry and water wear conditions. The wear losses become greatly increase at high sliding speed and heavy normal load wear conditions. The wear rates of the 7Cr7Mo2V2Si steel at water wear conditions are bigger than those at dry wear conditions. The existence of water will aggravate the wear loss of the steel because water can clean the tribo-interface by taking away the fine powder or debris, which may keep the corundum abrasives protruding and remaining sharp edge state to produce more serious two-body abrasive wear to the steel, and meanwhile the collaborative action of the friction stress and the corrosion may result in stress corrosive wear of the steel. The main wear mechanisms of the 7Cr7Mo2V2Si steel are micro-cutting wear, multi-plastic deformation wear at dry wear conditions and accompanied with stress corrosive wear at water wear conditions.