A laser cladding coating with good shape and excellent properties was prepared on 42CrMo steel by fiber laser in this study. X-ray diffraction (XRD), scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS), and wear testing machine were used to study the microstructure, phase type, chemical composition, and wear resistance of the coating. Results show that the phases of Fe-based coating are mainly composed of α-(Fe,Cr), γ-Fe, large-plate M7C3 and long-strip M23C6. The wear rate of coating reaches 1.83×10-6 mm3·n-1·min-1, which is 3.6 times lower compared to the matrix, indicating that the wear resistance of the coating is significantly improved. The wear mechanism of coating mainly includes abrasive wear and oxidation wear.