In order to improve the hardness and wear resistance of oil drilling pipe material 42CrMo, Fe06+TiC/Mo composite coatings with different mass fractions (0, 0.10, 0.15, 0.20) were prepared by laser cladding technique. The microhardness, wear resistance, phase composition, wear behavior, and experimental verification were carried out by microhardness instrument, scanning electron microscope, and friction and wear testing machine. It was found that the cladding layer was mainly composed of α-Fe, Cr-Fe and (Fe, Ni) solid solution phases. The results show that the average microhardness of Fe06+TiC composite coating about 1180 HV0.2, and that of Fe06+Mo composite coating is about 893 HV0.2. The average mass loss of Fe06+TiC composite coating is about 2.97 mg, the average mass loss of Fe06 cladding layer is 7.8 mg, and the average mass loss of Fe06+Mo composite coating is about 2.67 mg, respectively. The wear mechanism of Fe06+TiC/Mo composite coating is mainly adhesion wear and abrasive wear. The hardness of Fe06+0.20TiC cladding is the highest, and the wear resistance of Fe06+0.20Mo cladding is the best. This study provides practical reference for improving the hardness and wear resistance of 42CrMo materials.