In this study, the effects of applied pressure (0, 90, 120, and 150 MPa) during solidification on the microstructure, mechanical properties, and impact–abrasive wear resistance of Cr-Mn-Mo steel prepared by squeeze casting were systematically investigated. The results demonstrated that the materials produced under pressure showed smaller grains compared to those of the samples fabricated without pressure. Compared to the unpressurized sample, the grain diameter of the sample prepared at 120 MPa decreased by 37.7%, the length of the primary arm shortened by 40.7%, and the spacing of the secondary arm contracted by 14.1%. Furthermore, the impact toughness results indicated that the samples prepared without pressure exhibited brittle fracture characteristics, whereas quasi-destructive fractures predominated in the samples prepared at 120 MPa. Simultaneously, three-point bending strength exhibited a gradual increase with increasing pressure, reaching a maximum value of 855.5 MPa when prepared under 150 MPa. Additionally, the impact–abrasive wear resistance of Cr-Mn-Mo alloyed steel produced by squeeze casting was significantly enhanced compared to the samples produced without pressure. The samples without external pressure exhibited a combination of abrasive and adhesive wear, whereas the wear characteristics of the samples prepared under pressure includes grooves, cutting marks, flaking pits, and accumulating ridges.