This study investigated the wear performances of ZrO2 reinforced 316L stainless steel matrix composite materials. The 316L matrix was mechanically alloyed by adding three different amounts (1 wt%, 2 wt%, and 3 wt%) of ZrO2 for 60 min. Mechanically alloyed powders were shaped through a uniaxial hydraulic press under 800 MPa pressure, and thus, green compacts in Ø12 × 6 mm dimensions were produced. The green compacts produced were sintered at 1300 °C in a vacuum environment of 10−6 mbar for 2 h. Sintered composites were characterized by hardness and density measurements and microstructure studies. The wear tests were carried out under ASTM G99-05 standards through a pin-on-disc wear test device, exerting three different loads (10 N, 20 N, and 30 N) and using four different sliding distances (500 m, 1000 m, 1500 m, and 2000 m). As a result of the studies, it was observed that the reinforcement material (ZrO2), added to the matrix, was positioned at the grain boundaries. As the amount of reinforcement within the matrix increased, the hardness of the composites increased while their densities decreased. In the wear test results, on the other hand, the increase in the amount of reinforcement decreased the weight loss. As for the wear surfaces, the abrasive wear mechanism was dominant.