This study investigates the microstructure and wear properties of cermet (ceramic + metal) coating materials manufactured using high velocity oxygen fuel (HVOF) process. Three types of HVOF coating layers are formed by depositing WC-12Co, WC-20Cr-7Ni, and Cr3C2-20NiCr (wt.%) powders on S45C steel substrate. The porosities of the coating layers are 1 ± 0.5% for all three specimens. Microstructural analysis confirms the formation of second carbide phases of W2C, Co6W6C, and Cr7C3 owing to decarburizing of WC phases on WC-based coating layers. In the case of WC-12Co coating, which has a high ratio of W2C phase with high brittleness, the interface property between the carbide and the metal binder slightly decreases. In the Cr3C2-20CrNi coating layer, decarburizing almost does not occur, but fine cavities exist between the splats. The wear loss occurs in the descending order of Cr3C2-20NiCr, WC-12Co, and WC-20Cr-7Ni, where WC-20Cr-7Ni achieves the highest wear resistance property. It can be inferred that the ratio of the carbide and the binding properties between carbide–binder and binder–binder in a cermet coating material manufactured with HVOF as the primary factors determine the wear properties of the cermet coating material.