The structural and tribological properties of a protective high-chromium coating synthesized on gray cast iron by air pulse-plasma treatments were investigated. The coating was fabricated in an electrothermal axial plasma accelerator equipped with an expandable cathode made of white cast iron (2.3 wt.% C–27.4 wt.% Cr–3.1 wt.% Mn). Optical microscopy, scanning electron microscopy, energy-dispersive spectroscopy, X-ray diffraction analysis, microhardness measurements, and tribological tests were conducted for coating characterizations. It was found that after ten plasma pulses (under a discharge voltage of 4 kV) and post-plasma heat treatment (two hours of holding at 950 °C and oil-quenching), a coating (thickness = 210–250 µm) consisting of 48 vol.% Cr-rich carbides (M7C3, M3C), 48 vol.% martensite, and 4 vol.% retained austenite was formed. The microhardness of the coating ranged between 980 and 1180 HV. The above processes caused a gradient in alloying elements in the coating and the substrate due to the counter diffusion of C, Cr, and Mn atoms during post-plasma heat treatments and led to the formation of a transitional layer and different structural zones in near-surface layers of cast iron. As compared to gray cast iron (non-heat-treated and heat-treated), the coating had 3.0–3.2 times higher abrasive wear resistance and 1.2–1208.8 times higher dry-sliding wear resistance (depending on the counter-body material). The coating manifested a tendency of solidification cracking caused by tensile stress due to the formation of a mostly austenitic structure with a lower specific volume. Cracks facilitated abrasive wear and promoted surface spalling under dry-sliding against the diamond cone.