A yttrium toughened and wear-resistant alloy and its casting and heat treatment method, the mass percent content of each element of the alloy is Cr: 9.0-13.0, B: 2.6-2.9, C: 0.7-0.9, Nb: 0.4-0.8, V: 0.4~0.8, Mn content is less than 0.3, Y: 0.02~1.6, S, P: ≤0.01, the balance is Fe. Among them, the sum of C and B: 3.3-3.6; the mass ratio of C / Cr: 0.06-0.08; the sum of Nb and V is 0.5-1.0. Get your Fe‑Y ready first 2 o 3 , Fe-yttrium carbonate or Fe-yttrium nitrate powder briquette, alloy ingredients, melting and modification treatment, casting alloy, and then quenching-tempering treatment, casting temperature is 1250 ~ 1320 ° C. The overall hardness of the ingot of the present invention is HRC65.4-69.4, and the impact toughness reaches 12.6-17.1J / cm 2 , the bending strength reaches 1340-1750MPa.