While soot in engine oil is known to accelerate the wear of diesel and gasoline direct‐injection compression‐ignition engines, there is a lack of consensus on the wear mechanism though various hypotheses have been proposed in the literature. Particularly, some recently observed antagonistic effects between soot and a common lubricant antiwear additive, zinc dialkyldithiophosphate (ZDDP), while others did not. The discrepancy is, in part, explained by the strong alloy dependence of such antagonism discovered in this study. Four alloys, 52100 steel and M2, M50, and A2 tool steels, are tested in lubricants containing carbon black (CB, a soot surrogate) with and without ZDDP present. Adding the CB alone to the oil increases the wear rate for all steel alloys as expected. However, distinct wear performance is observed for the four steel alloys when ZDDP is introduced to the CB‐containing oil: while the 52100 steel has notable wear reduction, the three tool steels suffer significant wear increase. Comprehensive tribofilm characterization suggests that the Mo content in the steel alloy and the sulfur from ZDDP strongly influence wear behavior. The combination of CB/Mo‐catalyzed sulfidation and CB‐accelerated abrasion is hypothesized to be responsible for the high wear of the Mo‐alloyed tool steels.