In the thermal spraying process, spray material is heated, melted, and accelerated by a high temperature flame. Thermal spraying can produce thick materials that rapidly solidify, because the alloy droplets accumulate successively on the substrate and solidify at a cooling rate in the range of 105-108Ks-1. Depending on the cooling conditions of the substrate and on the alloy composition, deposits are produced with metastable phases or extremely fine crystalline phases. Thermal spraying is an attractive method for the production of composite deposits with fine particles formed in-situ. In particular, iron based alloy with vanadium carbide, is useful in metal molds and also in pump parts due to its high wear resistance and high corrosion resistance. In the present work, low-pressure plasma spraying of Fe-C-V/Ni-Mg and Fe-C-V-Cr-Ni/Ni-Mg blend powders were iron based composite deposits with finely dispersed vanadium carbide particles. The as-sprayed deposit produced from Fe-C-V/Ni-Mg blend powder is composed of αFe and V8C7. The as-sprayed deposit produced from Fe-C-V-Cr-Ni/Ni-Mg blend powder is made up of γFe, αFe, V8C7 and Cr7C3. The fine precipitates of approximately 0.3μm in the as-sprayed deposit are carbide. With increasing the heat-treatment temperature up to 1273K, the carbide particles coarsen. The hardness of as-sprayed deposit produced from the Fe-C-V-Cr-Ni/Ni-Mg, which has many fine carbide precipitates, is the hardest of the deposits.