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In this study, a newly developed high-strength cast Fe81Cr15V3C1 (wt%) steel with a high resistance against dry abrasion and chloride-induced pitting corrosion is presented. The alloy was synthesized through a special casting process that yielded high solidification rates. The resulting fine, multiphase microstructure is composed of martensite, retained austenite and a network of complex carbides. This led to a very high compressive strength (>3800 MPa) and tensile strength (>1200 MPa) in the as-cast state. Furthermore, a significantly higher abrasive wear resistance in comparison to the conventional X90CrMoV18 tool steel was determined for the novel alloy under very harsh wear conditions (SiC, α-Al₂O₃). Regarding the tooling application, corrosion tests were conducted in a 3.5 wt.% NaCl solution. Potentiodynamic polarization curves demonstrated a similar behavior during the long-term testing of Fe81Cr15V3C1 and the X90CrMoV18 reference tool steel, though both steels revealed a different nature of corrosion degradation. The novel steel is less susceptible to local degradation, especially pitting, due to the formation of several phases that led to the development of a less dangerous form of destruction: galvanic corrosion. In conclusion, this novel cast steel offers a cost- and resource-efficient alternative to conventionally wrought cold-work steels, which are usually required for high-performance tools under highly abrasive as well as corrosive conditions.