In this investigation, a multicomponent alloyed surface was developed on AISI 316L stainless steel (AISI 316L SS) substrate by melting it with a fiber coupled diode laser having 3.6 mm beam diameter (using argon as shrouding gas) along with simultaneous melting of equiatomic pre-mixed elemental powders of cobalt (Co), chromium (Cr), iron (Fe), manganese (Mn) and titanium (Ti) (high entropy alloy). The process parameters used in the experiment were laser power (1800–2200 W) and scan speed (6 mm/sec to 8 mm/sec). Following laser surface alloying (LSA) a detailed microstructural characterization of the surface and evaluation of surface mechanical properties (micro/nano hardness, Young’s modulus and wear resistance) were undertaken. Due to LSA there is formation of near eutectic microstructure consisting of FCC and BCC phase mixtures along with the precipitates of Fe2Ti randomly distributed in the microstructure which was confirmed by X-ray diffraction (XRD) and electron back scattered diffraction (EBSD) analysis. There is an increase in microhardness in the processed zone from 180 VHN (of as received AISI 316L SS) to 309–650 VHN. In addition, there is an increase in Young’s modulus from 208 GPa for as received AISI 316L SS to 228–301 GPa for laser surface alloyed zone. The wear resistance (against WC ball in fretting wear mode) property of AISI 316L SS substrate after LSA was superior to the substrate. The wear mechanism was established.