This study aims to obtain a Fe-based alloy coating with high strength, high toughness, and good corrosion resistance. Therefore, a novel low-carbon and low-alloy martensite/ferrite dual-phase stainless steel (M/Fss) powder with trace addition of boron is cladded on Q235 steel by the laser cladding technique. The research results reveal that the surface of the laser cladding coating has metallic luster, and there are no inclusions and pores in the coating. The coating is constituted of martensite, ferrite, and boron carbides M(B,C) with uniform and discontinuous distribution along the dendrite (M represents Fe, Cr, etc.). A few M23(B,C)6 particles precipitated within the dendrite. The cladding layer exhibits excellent mechanical properties, including average hardness of 431.9 HV, tensile strength of 1352 MPa, and ductility of 12.3%. Its superior corrosion resistance is better than that of 1Cr13 martensite stainless steel. This new type of M/Fss coating can be widely used for surface modification or remanufacturing of Fe-based materials in working environments requiring mechanical and corrosion resistances.