The invention relates to a high-carbon and high-vanadium wear-resistant steel, comprising the following ingredients in percentage by mass: 2.2-2.6% of carbon (C), 8.4-8.7% of vanadium (V), 5.8-6.3% of chromium (Cr), 2.3-2.7% of molybdenum (Mo), 0.8-0.9% of nickel (Ni), 1.6-1.7% of niobium (Nb), 0.7-0.9% of silicon (Si), less than 0.04% of phosphorus (P), less than 0.04% of sulphur (S), and the balance of ferrum (Fe). According to the high-carbon and high-vanadium wear-resistant steel provided by the invention, the contents of molybdenum and vanadium are increased so as to replace wolfram element, the hardenability and wear resistance of high-speed steel is improved, and the mechanical performance demands of the high-speed steel are met simultaneously.