Two groups of WC-Co and WC-Ni-Fe cemented carbides with varying binder contents were prepared using the same process. The research explored the trends in the microstructure changes and the differences in properties between WC-Co and WC-Ni-Fe cemented carbides, aiming to provide a novel perspective for the application and development of new cemented carbides in the mining tools industry. The results show that the binder phase of both WC-Co and WC-Ni-Fe cemented carbides exhibits a single-phase structure. As the binder phase content in the alloy increases, there is an increase in the average grain size and a decrease in hardness and coercive magnetic force. Additionally, cobalt magnetism, bending strength, and impact toughness all exhibit upward trends. In comparison, the WC-Co exhibits higher coercive cobalt magnetism, magnetic force, and bending strength than WC-Ni-Fe cemented carbide. However, WC-Ni-Fe cemented carbide exhibits better impact toughness with a higher binder phase content, reaching up to 5.9J/cm2. The frictional behavior of WC-Co and WC-Ni-Fe cemented carbides is similar, but the wear degree of the alloys gradually increases as the binder phase content increases. When comparing equal amounts of binder phase content, the wear resistance of WC-Co is superior to that of WC-Ni-Fe.