Ferrous alloys, particularly steels, form a specialized class of metallic materials extensively employed in industrial sectors to combat deterioration and failures caused by wear. Despite their commendable mechanical properties, steels are not immune to wear-induced degradation. In this context, surface nanocrystallization (SNC) technologies have carved a distinct niche for themselves by enabling the nanostructuring of the surface layer (with grain sizes < 100 nm). This process enhances overall mechanical properties to a level desirable for wear resistance while preserving the chemical composition. Existing literature has consistently highlighted the efficacy of various SNC methods in improving the wear resistance of ferrous alloys, positioning SNC as a promising tool to extend materials’ service life in practical applications. This review provides a comprehensive examination of the SNC techniques employed in surface treatment of ferrous alloys and their impact on wear behavior. We delved into the underlying mechanisms governing wear in SNC-treated Fe-based alloys and concluded with a discussion on current challenges and future perspectives in this evolving field.