A growing understanding of wear behavior of various thermally sprayed ceramic–metallic matrix coatings has occurred over recent years. This has resulted from the continuous evolution in spraying methods as well as material feedstock, and the corresponding new aspects of the field that have been thoroughly explored. This paper aims to review recent developments in thermally sprayed tungsten carbide-based coatings, with specific emphasis on evaluating alternative binders, processing routes and tribological behavior of the coatings. A comprehensive evaluation of various compositions as binders for WC-based coatings, considering environmental concerns and market requirements has been carried out. The properties and performance of various potential alternatives for cobalt as a conventional binder for these coatings have been assessed. Moreover, different thermal spray methods have been reviewed, particularly highlighting the role of processing parameters, phase change and feedstock characteristics in the high-velocity oxy-fuel (HVOF) and high-velocity air fuel (HVAF) techniques. A comparison is made between HVAF and HVOF coatings in terms of their performance under different wear environments. Finally, various scenarios of material removal in HVAF and HVOF coatings, under various wear conditions, have also been reviewed.