Saw wires have been widely used in industries to slice silicon (Si) ingots into thin wafers for semiconductor fabrication. This study investigated the microstructural and mechanical properties, such as abrasive wear and tensile properties, of a saw wire sample of 0.84 wt.% carbon steel with a 120 μM diameter. The samples were subjected to heat treatment at different linear velocities of the wire during the patenting process and two different wear tests were performed, 2-body abrasive wear (grinding) and 3-body abrasive wear (rolling wear) tests. With an increasing linear velocity of the wire, the tensile strength and microhardness of the samples increased, whereas the interlamellar spacing in a pearlite structure decreased. The wear properties from the grinding and rolling wear tests exhibited an opposite tendency. The weight loss resulting from grinding was mainly affected by the tensile strength and microhardness, while the diameter loss obtained from rolling wear was affected by elongation or ductility of the samples. This result demonstrates that the wear mechanism in the 3-body wear test is much different from that for the 2-body abrasive wear test. The ultra-high tensile strength of the saw wire produced by the drawing process was attributed to the pearlite microstructure with very small interlamellar spacing as well as the high density of dislocation.