A component of a downhole tool utilized in oil and natural gas exploration and production comprises inorganic hydrolysable compound-containing materials. The inorganic hydrolysable compounds grant the component the degradability/dissolution in aqueous environment. The inorganic hydrolysable compounds include, but not are limited to, hydrolysable carbides, nitrides, and sulfides, such as aluminum carbide (Al4C3), calcium carbide (CaC2), magnesium carbide (Mg2C3 or MgCl2), manganese carbide (Mn3C), aluminum nitride (AlN), calcium nitride (Ca3N2), magnesium nitride (Mg3N2), aluminum sulfide (Al2S3), aluminum magnesium carbide (Al2MgCl2), and aluminum zinc carbide (Al4Zn2C3).