This research work studies the effect of deformation and destabilization heat treatment on morphology of the iron diborides of Fe-B cast alloy. The results show, that iron diborides change the morphology from continuous network to discontinuous, if the deformation is used. Relatively homogenous distribution of iron diborides is achieved, if the deformation is combined with destabilisation heat treatment at elevated temperatures. Obtained results show that Fe-B alloys can be advantageously used as a substitute material for Fe-Cr-C cast iron in wear applications due to their better toughness.