This article investigates the sliding wear behavior of ZTA (zirconia toughened alumina) particle (ZTAp)- and NbC (niobium carbide) particle (NbCp)-reinforced Fe60 matrix composites (ZTAp–NbCp/Fe60). ZTAp–NbCp/Fe60 was produced through vacuum sintering and tested on an M-2000 wear-testing machine. As revealed by the results, the wear loss increased with the increase in rotation speed and load. Abrasive wear occurred in the mild wear region; adhesive wear and serious abrasive occurred in the moderate wear region; and fatigue wear and ZTAp broken occurred in the severe wear region. According to the aforementioned conclusions, a more clean and intuitive wear mechanism diagram was established. In the process of wear, ZTAp was well combined with the matrix, and there was no crack at the interface. Meanwhile, in the wear process, ZTAp could block furrow, weaken the wear of the micro-convex ring, and improve the sliding wear performance of the composite material.