Metal matrix composites of nickel-based powder reinforced with silicon carbide are processed through a domestic microwave applicator. In situ melting and casting of composites were carried out using microwave energy with average processing time of 25 min. Phase analysis of processed composites revealed the formation of some hard-intermetallic compounds such as nickel silicides (NiSi, Ni2Si, and Ni3Si2) and carbides (Cr3C2 and Cr7C3). Microstructure analysis confirms the favorable growth of equiaxed grains with uniform dispersion of reinforcement and low porosity defects (1.5–1.8%). The formation of hard-intermetallic compounds and the presence of SiC reinforcement led to the increased microhardness of composites. Sliding wear tests under dry sliding conditions with varying load and velocity conditions revealed the formation of stable oxide tribolayers at 1.0 m/s of sliding velocity and 15 N load. Fractography of worn-out samples revealed abrasion of surfaces at the lower load (10 N) condition. However, on increasing the load, the shearing of surfaces due to adhesion, plastic deformations, and surface pullout was observed. At higher loads (20 N) and higher sliding velocities (1.5 m/s), particle pullout and three-body abrasive wear mechanisms were observed. The overall weight loss study revealed that the addition of 5% and 10% volume fraction of SiC reinforcement reduced the wear-rate by 58.9% and 80.6% in comparison to the pure nickel casting at the sliding velocity of 1 m/s and under 15 N load.