Ni60 coating was obtained by laser cladding on the surface of 304 austenitic stainless steel used for cutting tools. The hardness, wear resistance, and corrosion resistance of the cladding layer were studied by experimental testing. Results showed that there are mainly planar and cellular crystal structures at the bottom of the coating, a large number of columnar crystals in the middle of the coating, and many small-sized equiaaxial crystals appear near the depth of 200 μm from the upper layer. The maximum hardness at the top of Ni60 coating is 710.2 HV, with an average of 593.1 HV, which is nearly two times higher than that of the base material. The hardness of the boundary between coating and substrate reaches 252.3 HV, which is significantly lower than the average hardness of coating. The average friction coefficient of Ni60 coating is 0.08, which forms a surface with great hardness and better lubrication performance than the base material. Finer wear marks occur on the Ni60 coating after abrasion, without obvious spalling and plastic deformation. The abrasion loss is 3.2×10-5 mm3/(N·m), which is lower than the base material by an order of magnitude. The research has a good theoretical value for improving the wear resistance and service life of cutting tools and is easy to be used broadly.