Effect　of　Ti-Ce-Mg　compound　modification　on　microstructures,　mechanical　property　and　wear　resistance　of　cast　Fe-B-C　alloy　containing　0.25%C,　1.80%B,　0.40%Si,　0.60%Mn　and　0.80%Cr　has　been　investigated　by　optical　microscopy　(OM),　scanning　electron　microscopy　(SEM),　and　X-ray　diffraction　(XRD)　analysis,　hardness　test,　impact　test　and　wear　test.　The　results　indicate　that　the　solidification　microstructures　of　Fe-B-C　alloy　consist　of　Fe-2(B,C),　Fe-3(C,　B),　pearlite,　and　ferrite.　Fe-2(B,　C)　type　borocarbide　is　continuously　distributed　over　the　grain　boundary.　After　modification　by　Ti-Ce-Mg,　solidification　microstructures　of　Fe-B-C　alloy　are　obviously　refined　and　there　are　many　obvious　necking　and　broken　net　in　borocarbides.　The　hardness　of　modified　Fe-B-C　alloy　has　no　obvious　change　comparing　with　that　of　unmodified　Fe-B-C　alloy.　Ti-Ce-Mg　compound　modification　can　considerably　improve　impact　toughness　and　wear　resistance　of　cast　Fe-B-C　alloy.