A high temperature wear resistant sintered alloy consisting essentially of carbon ranging from 0.3 to 1.1% by weight, silicon ranging from 0.1 to 0.75% by weight, chromium ranging from 0.35 to 2.25% by weight, nickel ranging from 5 to 27% by weight, molybdenum ranging from 1.5 to 10% by weight, cobalt ranging from 5 to 23% by weight, and balance being substantially iron, said sintered alloy comprising a matrix consisting essentially of carbon ranging from 0.45 to 1.15% by weight, nickel ranging from 5.4 to 27% by weight, molybdenum ranging from 0.4 to 2.7% by weight, cobalt ranging from 4.2 to 7.2% by weight, and balance substantially iron, said matrix being formed of a mixture of at least one of sorbite structure and bainite structure and austenite structure, said matrix having a hard phase ranging from 5 to 25% by weight and dispersed in said matrix, said hard phase consisting essentially of silicon ranging from 2 to 3% by weight, chromium ranging from 7 to 9% by weight, molybdenum ranging from 26 to 30% by weight, and balance being substantially cobalt.