The tribological properties of the nano-eutectic Fe 1.87 C 0.13 alloy are investigated under liquid paraffine lubrication against AISI52100 steel ball at room temperature with varied applied load and sliding speed. As comparison, the annealed coarse-grained Fe 1.87 C 0.13 alloy is also examined in the same testing condition. The wear rate of the two alloys increases with increasing applied load and sliding speed. The wear resistance of the nano-eutectic Fe 1.87 C 0.13 alloy is about 2-20 times higher than that of the annealed Fe 1.87 C 0.13 alloy at present experimental conditions. The friction coefficients of the two alloys are almost same. The annealed Fe 1.87 C 0.13 alloy shows serious wear under high applied load and sliding speed. The worn surfaces of the two alloys are analyzed by a scanning electron microscope. With increase in the applied load and sliding speed, the wear mechanism of the nano-eutectic Fe 1.87 C 0.13 alloy is transformed from plowing to fatigue flaking pits, whereas that of the annealed coarse-grained Fe 1.87 C 0.13 alloy is transformed from plowing to fatigue flaking pits then to severe fatigue wear.