In　this　study,　two　kinds　of　WC-Co　coatings　with　different　decarburization　levels　were　deposited　by　high-velocity　oxy-fuel　(HVOF)　spraying　using　the　ultrafine　WC-Co　composite　powder　and　commercial　micronsized　powder,　respectively.　The　hardness　and　elastic　modulus　were　measured　on　the　top　surface　and　cross　sections　of　the　prepared　coatings　by　the　nanoindentation　method.　The　results　show　that　the　ultrafine-structured　coating　has　much　higher　density　and　inhibited　decarburization　than　the　conventional　coating,　which　thus　results　in　higher　hardness　and　elastic　modulus　values　than　the　micronsized　coating.　The　wear　resistance　of　thermal-sprayed　cermet　coatings　greatly　depends　on　the　cross-sectional　hardness　and　elastic　modulus　which　reflects　the　bond　strength　between　splats　to　some　extent.　Based　on　the　analysis,　a　better　understanding　of　the　microstructure　and　properties　in　cermet　coating　materials　was　obtained.