Iron-based coatings are often considered as replacement of hard chromium and WC-Co, as they pose lower health and environmental impact. In many cases the combination of mechanical and chemical properties of ferrous based alloys may be satisfactory and their relatively low cost make these coatings an interesting candidate for many applications. This study is inspired by opportunities to harden the ferrous base materials by strain hardening, solid solution strengthening, dispersion strengthening, and precipitation hardening. Already commercially available Fe-based coating materials with precipitates of mixed carbides and borides in the metastable austenitic matrix achieve a high hardness. In this study the cavitation erosion and abrasion resistance of various Fe-based coatings produced by HVAF and HVOF processes were investigated. Two experimental precipitation containing materials were prepared, and the sprayed coatings were tested for abrasive and cavitation erosion wear. In addition to precipitations, the importance of proportion of ferrite and retained austenite phases were studied by affecting the microstructure by heat treatments as the ability of different phases to affect hardening and ductility may become crucial in generating desired material properties. The properties of experimental and some commercial Fe-based alloys are compared with WC-Co and Cr3C2-NiCr coatings by property mapping.