An overlaying alloy containing no Cr or a reduced amount of Cr, in which an effective amount of Mo oxide is formed even in a weak oxidizing atmosphere such as a combustion atmosphere of diesel engines and engines using CNG, LPG or other gases as a fuel to provide an improved non-damaging property and wear resistance. An overlaying alloy comprising 20-70 wt % Mo, 0.5-3 wt % C, 5-40 wt % Ni, and the balance being Fe and unavoidable impurities, which contains no Cr to facilitate formation of Mo oxide and is advantageously applied to the parts on which an oxide coating is not easily formed such as the engine parts subject to a lower temperature combustion atmosphere. An overlaying alloy comprising 20-60 wt % Mo, 0.2-3 wt % C, 5-40 wt % Ni, 0.1-10 wt % Cr, and the balance of Fe and unavoidable impurities, which contains a small amount of Cr to control formation of Mo oxide and is advantageously applied to the parts on which an oxide coating is relatively easily formed. Other alloying elements such as Mn, Co, Si, Nb may be added in the alloy in accordance with need.