The invention relates to the field of a wear-resistant material and an application thereof, and in particular relates to a wear-resistant alloy and an application thereof in a millstone tile of a coal mill, which are used for solving the problems that the wear-resistant material in the prior art has lower comprehensive performance in strength, hardness, toughness, service life and the like. The wear-resistant alloy comprises the following chemical components in percentage by weight: 0.32-0.35% of C, 0.9-1.1% of Si, 0.8-1.0% of Mn, less than or equal to 0.04% of P, less than or equal to 0.04% of S, 22-24% of Cr, 1.1-1.2% of Cu, 1-3% of Mo, 0.1-0.2% of Al, 0.4-0.6% of V, 0.02-0.004% of B, 0.3-0.5% of rare earth element and the balance of Fe. The millstone tile is subjected to sand casting and casting molding by use of the wear-resistant alloy. By adopting the specific alloy components and the heat treatment technology, the service life of the produced millstone tile is not shorter than twice the average service life of the like products; the millstone tile still can be used normally after 19,859 hours of test use, thereby indicating good performance of the product; and moreover, the labor intensity of workers can be reduced, and the efficiency can be improved.