Wear resistance of brake discs has a significant effect on the safety of high-speed trains. In this work, the rolling–sliding wear resistance of a low-carbon martensitic brake disc steel was investigated. The microstructure evolution and mechanical properties from the worn surface to the matrix were analyzed to promote parameters for the application of this steel. The results indicated that a ratcheting strain zone was formed at the surface of the brake disc steel under asymmetric cycling load and presented the morphology of the plastic flow line. An equation between the shear strain and the depth from the surface was established, which reflected the gradient distribution of the shear strain. The martensite lath refined into the nano/sub-micron grain and strip on the topmost surface. The micron scratch test results exhibited that the hardening rate and fracture toughness of the ratcheting strain zone varied continually along with depth, and the highest hardening rate occurred on the worn surface due to the increase of dislocation density and grain refinement. Additionally, the brake disc steel obtained better wear resistance than that of other wear-resistant materials used for railways due to steel having the highest hardening rate in the ratcheting strain zone.