The failure of mechanical components is mainly caused by three key mechanisms: wear, corrosion, and fatigue. Among these failure modes, wear of mechanical components notably increases energy consumption and leads to substantial economic losses. Fe-Cr-C-B-Ti-Y wear-resistant cladding metals were prepared by the plasma cladding method. The wear performance of the cladding metals was analyzed using an MLS-23 rubber wheel wet sand wear tester. X-ray diffraction, scanning electron microscope, electron backscatter diffraction, and transmission electron microscope were employed to investigate the phase composition and microstructure of the cladding metals, followed by a discussion of their strengthening and wear mechanisms. The results indicate that the microstructure of Fe-Cr-C-B-Ti-Y cladding metals is composed of austenite γ-Fe, M23(C,B)6 eutectic carbide, and TiC hard phase. As the Y2O3 content increases, the hardness and wear resistance of the cladding metal show a trend of first increasing and then decreasing. When the Y2O3 content is 0.4wt%, the precipitation of TiC hard phase and M23(C,B)6-type eutectic carbides reaches maximum, and the grain size is the finest. The cladding metal exhibits optimal formability, featuring the smallest wetting angle of 52.2°. Under this condition, the Rockwell hardness value of the cladding metal is 89.7 HRC, and the wear mass loss is 0.27 g. The dominant wear mechanism of cladding metals is abrasive wear, and the material removal process involves micro-cutting and plowing.