Thermal spraying (APS and HVOF) of an agglomerated nanostructured powder, based on the composition of a commercial martensitic steel, is introduced. The nanostructure of the produced powder is examined by means of microscopy and X-ray diffraction. The influence of the two different processes on crucial properties such as porosity, microhardness, adhesion, and wear resistance is studied. High wear resistance is noted for both coatings. The HVOF coating, especially, showed better wear performance in comparison with the APS coating and the bulk martensitic steel. The superiority of the HVOF coating over the APS coating regarding the aforementioned properties is attributed to a higher retention of the nanostructure of the starting powder, higher peening and relatively low oxidation.