PURPOSE: To obtain the titled material superior in wear resistance, sea water corrosion resistance by prescribing the Ni equivalent, and the totaled quantity of ferrite phase + martensitic phase in an alloy steel having respective prescribed contents of C, Si, 0.5Mn+Ni, Cr, Mo, Co.

CONSTITUTION: The wear resistant and corrosion resistant material consists of 0.05W0.15% C, ≤2.0% Si, 0.4W7.0% 0.5Mn+Ni, 15W20% Cr, 1.0W5.0% Mo, 3.0W 8.0% Co and the balance substantially Fe, and satisfies the following conditions. Namely, the material is regulated to 16W26% Ni equivalent (Ni%+0.65Cr%+ 0.98Mo%+1.05Mn%+0.35Si%+12.6C%), further, to be composed of ≤25% totaled quantity of ferrite phase + martensitic phase, and the balance austenitic phase or Ypsilon phase. The material has superior characteristics which are the same as 17-4PH steel or more in wear and sliding resistances and as SCS13 or more in sea water corrosion resistance respectively.