A low-alloy gray cast iron containing hard carbide-forming elements, such as vanadium and chromium, was cast by sand mould casting. Its wear resistance was compared with that of an untreated gray cast iron. Three different loading conditions were tested under a constant speed. It was observed that this alloy could reduce the wear loss of standard gray cast iron by up to 89%, which was much greater than what was achieved in previous reports. Scanning electron microscopy (SEM) was used to determine the predominant wear mechanism of both the alloys. In a mild wear regime, the oxidative mechanism was predominant; however, in a severe wear regime, this mechanism was not predominant and the adhesive mechanism was involved. EDX analysis was conducted to evaluate the quantitative amounts of elements in the tribochemical films formed on the wear tracks.