A new wear resistance material named the hypoeutectic high carbon Fe-B cast steel with fine hard carbides dispersive distributed in the matrix have been investigated. The results show that the solidified structures of high carbon Fe-B steel consist of ferrite, pearlite and boride, and borides were distributed along grain boundary in interconnected network. After heat treatment, the metallic matrix changes into martensite and retained austenite. The eutectic borides are appeared to be less continuous network and isolated particles. The increasing of the quenching temperature leads to the improvement of hardness. Quenching at 980°C, impact toughness is increased with the increasing of the tempering temperature. The optimum heat treatment is quenching at 980°C(oil cooling) and tempering at 330°C(air cooling). The wear resistance of modified high carbon Fe-B cast steel is corresponding to Cr26 alloy. The impact wear mechanism is mainly plastic deformation and fatigue spalling.