During industrial and laboratory processes involving material grinding, the grinding media endure prolonged high-collision and friction environments, resulting in substantial wear. Consequently, this study adopts the hot-pressing sintering technique in powder metallurgy to prepare SiC-reinforced Fe-based wear-resistant composite grinding media, aiming to increase wear performance. For this purpose, Fe with 10 wt% SiC powders were milled for the fabrication of the composite. Then, sintering was performed by hot press at 1100 °C in a furnace. Scanning electron microscopy (SEM) and X-ray diffraction were employed to investigate the microstructures and phase of SiC-reinforced Fe-based matrix composite. Subsequently, comparative performance evaluations of the newly developed grinding media and traditional chromium-based media were conducted in terms of wear rate and grinding efficiency. The wear resistance tests revealed that the SiC-reinforced composite media displayed significantly superior wear resistance across various abrasives compared to the chromium-containing alternatives. Specifically, the composite media achieved a wear rate reduction of 2.9 times against standard sand over 1 h, and 2.3 and 2.4 times against sandstone and iron slag, respectively. Moreover, extended grinding for 3 hours further enhanced these reductions to 3.1, 2.4, and 2.7 times, respectively. Additionally, efficiency assessments indicated that at a 1:1 material ratio, the composite media outperformed the chromium-containing media in grinding efficiency by 7.5%, 12.5%, and 10.3% for standard sand, sandstone, and iron slag, respectively. Further increasing the material ratio to 3:1 resulted in efficiency improvements of 7.4%, 17.5%, and 11.3%, correspondingly.