This paper is devoted to the evaluation of the “three-body-abrasion” wear behaviour of (wt.%) 5W–5Mo–5V–10Cr-2.5Ti-Fe (balance) multi-component (C + B)-added alloys in the as-cast condition. The carbon (0.3 wt.%, 0.7 wt.%, 1.1 wt.%) and boron (1.5 wt.%, 2.5 wt.%, 3.5 wt.%) contents were selected using a full factorial (32) design method. The alloys had a near-eutectic (at 1.5 wt.% B) or hyper-eutectic (at 2.5–3.5 wt.% B) structure. The structural micro-constituents were (in different combinations): (a) (W, Mo, and V)-rich borocarbide M2(B,C)5 as the coarse primary prismatoids or as the fibres of a “Chinese-script” eutectic, (b) Ti-rich carboboride M(C,B) with a dispersed equiaxed shape, (c) Cr-rich carboboride M7(C,B)3 as the plates of a “rosette”-like eutectic, and (d) Fe-rich boroncementite (M3(C,B)) as the plates of “coarse-net” and ledeburite eutectics. The metallic matrix was ferrite (at 0.3–1.1 wt.% C and 1.5 wt.% B) and “ferrite + pearlite” or martensite (at 0.7–1.1 wt.% C and 2.5–3.5 wt.% B). The bulk hardness varied from 29 HRC (0.3 wt.% C–1.5 wt.% B) to 53.5 HRC (1.1 wt.% C–3.5 wt.% B). The wear test results were mathematically processed and the regression equation of the wear rate as a function of the carbon and boron contents was derived and analysed. At any carbon content, the lowest wear rate was attributed to the alloy with 1.5 wt.% B. Adding 2.5 wt.% B led to an increase in the wear rate because of the appearance of coarse primary borocarbides (M2(B,C)5), which were prone to chipping and spalling-off under abrasion. At a higher boron content (3.5 wt.%), the wear rate decreased due to the increase in the volume fraction of the eutectic carboborides. The optimal chemical composition was found to be 1.1 wt.% C–1.5 wt.% B with a near-eutectic structure with about 35 vol.% of hard inclusions (M2(B,C)5, M(C,B), M3(C,B), and M7(C,B)3) in total. The effect of carbon and boron on the abrasive behaviour of the multi-component cast alloys with respect to the alloys’ structure is discussed, and the mechanism of wear for these alloys is proposed.