A powder metallurgy wear-resistant and corrosion-resistant alloy, comprising the following chemical components in percentage by mass: 2.36 to 3.30% of C, 0.1 to 1.0% of W, no more than 1.8% of Mo, 12.6 to 18.0% of Cr, 6.0 to 12.5% of V, 0.5 to 2.1% of Nb, 0.1 to 0.5% of Co, no more than 1.0% of Si, 0.2 to 1.0% of Mn, 0.05 to 0.35% of N and the balance of iron and impurities. A carbide composition of the powder metallurgy wear-resistant and corrosion-resistant alloy is composed of MX carbide and M7C3 carbide, wherein the MX carbide is of a NaCl-type face-centered cubic structure, and M comprises elements V and Nb, and X comprises elements C and N.
