The medium carbon-medium alloy steel was developed for the manufacture of large ball mill liners and sports equipment. In this study, the continuous cooling transformation curve of a novel type of medium carbon-medium alloy steel was measured with a thermal simulation machine; based on this curve, the hardening and tempering processes were optimized. The steel was then complex modified with alkaline earth and rare earth alloys. The mechanical properties of the treated steel were tested. The microstructure of the steel was analyzed by metallographic microscopy, X-ray diffraction, scanning electron microscopy and transmission electron microscopy, and the wear surface of the steel was analyzed by a three-dimensional morphometer. After high-temperature tempering, the microstructure transformed into tempered sorbite, which possesses good mechanical properties and can adapt to working conditions that require high strength and toughness. Rare earth or alkaline earth modification of the medium carbon-medium alloy steel promoted microstructural uniformity and grain refinement and improved the mechanical and anti-wear properties.