In order to solve the failure problem caused by the impact of alternating loads on the surface of the oil drill pipe and obtain a higher quality wear-resistant coating, this paper adopts a high-speed laser cladding equipment, and JG-3 iron-based alloy is used as the cladding powder to coat the surface of 20CrMo steel for the preparation of alloy coatings. Taking laser power, scanning speed and powder feeding speed as optimization variables, and considering coating hardness and wear resistance as characterization variables, the optimal parameter group was obtained through orthogonal test range and variance analysis. Results show that in the range analysis, the order of the influence of process parameters on the microhardness and wear loss weight of the coating is as follows: scanning speed>powder feeding speed>laser power. In the variance analysis, the F values of microhardness and wear loss weight are both FB>FC>FA, indicating that the influence of various factors on the performance of high-speed laser cladding coatings is ranked as follows: scanning speed, powder feeding speed, laser power. This is consistent with the range analysis results. The optimal parameter combination obtained by orthogonal test is laser power 900 W, scanning speed 65 mm/s, powder feeding speed 4 r/min.