ZG25MnCrNiMo steel samples were prepared by squeeze casting under pressure ranging from 0 to 150 MPa. The effects of pressure on the microstructure, low-temperature toughness, hardness, and impact wear performance of the prepared steels were experimentally investigated. The experimental results indicated that the samples fabricated under pressure exhibited finer grains and a significant ferrite content compared to those produced without pressure. Furthermore, the secondary dendrite arm spacing of the sample produced at 150 MPa decreased by 45.3%, and the ferrite content increased by 39.1% in comparison to the unpressurized sample. The low-temperature impact toughness of the steel at −40 °C initially increased and then decreased as the pressure varied from 0 MPa to 150 MPa. And the toughness achieved an optimal value at a pressure of 30 MPa, which was 65.4% greater than that of gravity casting (0 MPa), while the hardness decreased by only 6.17%. With a further increase in pressure, the impact work decreased linearly while the hardness increased slightly. Impact fracture analysis revealed that the fracture of the steel produced without pressure exhibited a quasi-cleavage morphology. The samples prepared by squeeze casting under 30 MPa still exhibited a large number of fine dimples even at −40 °C, indicative of ductile fracture. In addition, the impact wear performance of the steels displayed a trend of initially decreasing and subsequently increasing across the pressure range of 0–150 MPa. The wear resistance of samples prepared without pressure and at 30 MPa was superior to that at 60 MPa, and the wear resistance deteriorated when the pressure increased to 60 MPa, after which it exhibited an upward trend as the pressure continued to rise. The wear mechanisms of the samples predominantly consisted of impact wear, adhesive wear, and minimal abrasive wear, along with notable occurrences of plastic removal, furrows, and spalling.