A sintered ferrous alloy which is high in wear resistance and relatively weak in the tendency to abrade another metal material with which the sintered alloy makes rubbing contact. The sintered alloy is produced by compacting and sintering 100 parts by weight of a powder mixture of 5-35 parts by weight of a Fe-Cr-B-Si alloy powder, which contains 10-35% of Cr, 1.0-2.5% of B and 0.5-3.0% of Si, such an amount of a Cu-P alloy powder that the powder mixture contains 0.2-1.5% of P and 1.0 to 20.0% of Cu, and the balance of a cast iron powder. Preferably the cast iron powder contains 2.5-3.5% of C, 1.8-2.2% of Si and 0.6-1.0% of Mn. For example, the sintered alloy is suitable for rocker arm tips in automotive engines.