In　order　to　improve　the　properties　of　high　vanadium　wear-resistant　alloy　and　obtain　the　optimal　process　parameters,　the　effect　of　heat　treatment　on　the　microstructure　and　properties　of　high　vanadium　wear-resistant　alloy　was　studied　by　means　of　optical　microscope,　the　scanning　electron　microscope,　X-ray　diffraction,　energy　dispersive　spectrometer,　Rockwell　and　Vickers　hardness　tester.　The　results　show　that　the　microstructure　of　as-cast　high　vanadium　wear-resistant　alloy　was　composed　of　matrix　and　eutectic　structure.　The　matrix　was　mainly　composed　of　martensite　and　retained　austenite,　and　the　eutectics　mainly　included　M7C3　and　VC　type　carbide.　After　quenching,　the　matrix　structure　of　the　alloy　remains　martensite　and　retained　austenite.　M23C6　type　carbide　was　precipitated　while　quenching　at　1100　degrees　C.　The　type　of　eutectic　structure　has　no　obvious　change　after　tempering.　Tempering　has　great　influence　on　the　amount　of　retained　austenite　in　the　matrix.　The　hardness　of　the　alloy　is　the　highest　(about　69.1　HRC)　when　the　quenching　temperature　and　tempering　temperature　are　1000　degrees　C　and　550　degrees　C　respectively.