An alloy having excellent corrosion resistance and abrasion resistance, is provided comprising a matrix metal phase comprised of at least one member selected from an Fe-base alloy, a Co-base alloy and a Ni-base alloy and, present in the matrix metal phase, 10 to 65%, in terms of the area, of a substantially homogeneously crystallized and/or precipitated VC particle phase having a particle diameter of 5 .mu.m or less.A surface-modified metallic member, is also provided comprising a metallic member and the above-described alloy, the alloy being integrally coated on the surface of the metallic member at its desired portion.