Gray cast iron is one of the most important engineering materials that has many applications in various industries including automotive and machinery manufacturing due to its mechanical properties, wear resistance, machining potentials and low price. In this research effect of adding aluminum and silicon to composition of gray cast iron on microstructure and wear resistance was studied. Moreover, it was investigated the role of formation of Fe-Al-Si intermetallic compound in final properties of the alloy. For studying wear resistance of samples pin-on-disc method was carried out. The results showed that addition of aluminum to gray cast iron causes formation of ferrite matrix, which leads to a decrease in hardness value. Increasing silicon content up to 2 wt. % in cast iron with 4 wt. % aluminum intensifies the formation of ferrite matrix, while further increase to 3 wt. % causes emerging a Fe-Al-Si intermetallic phase. Improvement in hardness value was achieved by increasing silicon content from 3 wt. % to 4 wt. % due to the increased percentage of intermetallic phase. Effect of intermetallic phase on decreasing wear rate was showed by studying microstructure and hardness values, however the lowest wear resistance was observed in aluminum bearing cast iron containing 2 wt. % silicon.