Abstract: A wear-resistant compound roll comprising an outer layer made of an iron-base alloy containing such components as to precipitate at least one of carbides of W, V, Nb, Ti, Ta, Zr and Hf from an alloy melt in a solidification process thereof, and a steel shaft metallurgically bonded to the outer layer, the outer layer having a surface with a Shore hardness of 70 or more, and the shaft having a tensile strength of 55 kg/mm.sup.2 or more and an elongation of 1.0% or more, and a boundary layer between the outer layer and the shaft being not weaker than weaker one of the outer layer and the shaft.The iron-base alloy has a composition by weight % consisting essentially of 1.5-3.5% C, 0.3-3.0% Si, 0.3-1.5% Mn, 2-7% Cr, 9% or less Mo, 20% or less W, 3-15% V and balance substantially Fe.