The present invention discloses one kind of guide and guard roller for guiding steel billet in high speed wire rolling machine and its making process. Chemically, the guide and guard roller has material comprising C 0.7-1.4 wt%, Wt% 7.0-10.0 wt%, V 0.8-1.5 wt%, Cr,5.0-10.0 wt%, B 1.2-2.5 wt%, Mo<1.5 wt%, Si<1.5 wt%, Mn<1.5 wt%, RE 0.08-0.18 wt%, Mg 0.05-0.15 wt%, Ti 0.08-0.20 wt%, S<0.05 wt%, and P<0.05 wt%, except Fe and inevitable impurity. The guide and guard roller is made through electric furnace smelting and precise wax mold casting or evanescent mold casting. It has high strength, high toughness, high wear resistance, high fatigue and oxidation resistance, high quick cooling and heating resistance, and use performance obviously higher than that of high Ni-Cr cast steel guide and guard roller.