In this paper, a two-step method, rapid-flow mixing followed by high-pressure compositing was used to prepare a macro-ZTA (ZrO2-toughened Al2O3) particles reinforced high chromium cast iron (HCCI) matrix composite. The method is based on the squeeze casting process without general casting pollution problems. The microstructure, mechanical properties and dry sliding wear performance of the fabricated composite were investigated. The results showed that the particles were distributed uniformly throughout the iron matrix and a tightly bonded interface was obtained. Under dry sliding wear conditions, the wear resistance of the composite was significantly improved in comparison with the HCCI alloy, and the relative wear resistance was 1.8 and 2.9 times at the applied load of 300 and 900 N, respectively. When the load increased from 300 N to 900 N, the wear characteristics of the composite changed from shallow and narrow grooves and scratches to damages in the form of fragmentation of particles, transfer layer and interface cracking.