The manufacturing of components for material processing whether for forming or comminution constantly seeks a balance between cost, durability, and efficiency. The hybrid casting process enables the production of bimetallic components with high abrasion resistance and toughness by combining two materials, each contributing one of these key properties. In this study, a component produced by hybrid casting using a liquid-liquid system-combining a high-chromium cast iron and a low-carbon steel-was characterized to determine the influence of selected casting parameters on microstructure, interface formation, and overall casting quality. In the as-cast condition, the interface is composed of a fine pearlitic zone formed under the influence of the solidification and cooling rates of both materials at the interface. The other two regions exhibit characteristics typical of the respective materials. The chemical composition gradient promotes diffusion of elements such as carbon and chromium from the high chromium cast iron into the steel. After heat treatments, a carbide-free zone is formed at the interface, resulting from carbide dissolution and elemental diffusion during austenitization. Elemental diffusion was confirmed by EDS analysis and Dictra diffusion simulations. Hardness in the three regions did not change significantly after quenching or quenching and tempering; however, for austempering and quenching and partitioning treatments, hardness increased in all three regions due to the development of martensitic and austenitic microstructures. Overall, hybrid casting proves to be an attractive alternative to other manufacturing methods, enabling the combination of distinct properties within a single component while reducing manufacturing time and costs associated with machining and joining operations.