To improve the wear resistance, toughness, and hardness of alloy, the quenching and partitioning (Q&P) technology was applied in the VC particulate (VCp) reinforced wear-resistant alloys, which were prepared by adding different Mn contents (2–5 wt%). The effects of partitioning time on the distribution of alloying elements shown by EDX mapping, retained austenite fraction, microstructure, macro-hardness, and impact toughness were investigated. The results showed that the effect of carbon partitioning time on the hard phase of the wear-resistant alloy was not significant. However, the carbon partitioning time greatly affected the microstructure and the mechanical properties of alloys, such as retained austenite, hardness, and impact toughness, and there was also a strong correlation with the Mn content. When the Mn content was lower (2.51 wt%), the retained austenite content increased with the carbon partitioning time, which resulted in decreased hardness and increased impact toughness. However, when the Mn content was higher (4.52 wt%), the opposite results occurred. This study provided an application of the Q&P technology in a VCp-reinforced wear-resistant alloy.