In order to improve coating defects such as porosity, crack and poor bonding with substrate during laser deposition, Fe106+nickel-coated tungsten carbide (mass fraction of 0.05) composite coating was prepared on 304 austenitic stainless steel by the method of laser deposition assisted by rotating magnetic field. The microstructures and phase composition of the coating were analyzed by means of scanning electron microscope, X-ray diffraction and confocal laser scanning microscope. The wear resistance of the coating was studied by means of hardness tester and friction wear tester. The results indicate that the rotating magnetic field can inhibit the flow of molten pool and promote the fine grain strengthening and homogenization of the coating microstructure. The microhardness of the coating with magnetic field strength of 70mT is 1.16 times that without magnetic field strength. Under the same wear condition, the weight loss of the coating with magnetic field strength of 70mT is 64.2% lower than that of the coating without magnetic field. The wear resistance is obviously improved. laser deposition assisted by magnetic field is helpful to improve laser deposition defects.