Abstract: An improved thermal sprayable molybdenum-iron alloy powder useful for forming wear and abrasion resistant coatings having high thermal conductivity and preferably good corrosion resistance. The preferred embodiment of the alloy powder includes two distinct substantially uniformly dispersed solid solution phases of molybdenum, including a first low molybdenum concentration matrix phase and a second higher molybdenum concentration phase for forming improved dual phase molybdenum coatings. The preferred alloy powder composition includes 15-60% by weight molybdenum, 20-60% by weight iron and the preferred corrosion resistant alloy includes 3-35% by weight nickel plus chromium. A more preferred composition includes by weight 25-50% molybdenum, 4-10% chromium, 10-18% nickel and 1-3% carbon, plus silicon as required to promote fluidity and atomization. The most preferred composition comprises by weight 25-40% molybdenum, 4 to 8% chromium, 12 to 18% nickel, 1-2.5% carbon, 2-3% silicon, 0.2-1% boron and 25-50% iron.