To enhance the wear and corrosion resistance of crankshafts, two types of cladding layers, Stellite6 and Stellite6+5% B4C, were applied to the surface of 42CrMo steel using a laser cladding preset method. The cross-sectional morphology of the cladding layers was examined using an industrial microscope, while their microstructure and phase composition were characterized by SEM, EDS, and XRD analyses. The hardness, abrasion resistance, and corrosion resistance of the cladding layers were evaluated using a microhardness tester, a multifunctional friction grinder, and an electrochemical workstation. The results show that both types of cladding layers have good metallurgical bonding with the substrate, and the dilution rates of Stellite6 and Stellite6+5% B4C cladding layers are 23% and 47%, respectively. Under the combined effect of fine grain strengthening, solid solution strengthening, and second phase strengthening, the hardness of the Stellite6+5%B4C cladding layer reaches 895.73 HV, which is 3.38 times that of the substrate. The addition of B4C reduces the friction coefficient from 0.55 to 0.46, significantly reduces the wear depth and width, and reduces the wear amount by 84%. The Stellite6+5% B4C cladding layer has the highest self corrosion potential, the lowest self corrosion current, and the best corrosion resistance.