In order to optimize the process of tungsten carbide (WC)-reinforced Co50 cermet composite coating by laser cladding, Co-based coatings with 40 wt% WC were deposited on the surface of cone bit 15MnNi4Mo steel by 4 kW fiber laser. A single-factor experiment was designed to study the variation of the geometrical size, dilution rate and hardness of cladding layers with the change of various factors. Then, an orthogonal experiment was designed to study the optimal parameters for the laser cladding process by taking the hardness and dilution rate of the coatings as comprehensive indexes. Based on the results of the above experiments, the mathematical model of the relationship between the geometrical size of the cladding layers with the process parameters was established by regression analysis. In addition, the three-dimensional structure and microstructure of the coatings were analyzed by optical microscopy (OM), scanning electron microscopy (SEM) and energy-dispersive X-ray spectroscopy (EDS). The results revealed that with the increase of the laser power, the width of the cladding layer, the depth of the molten pool and the dilution rate gradually increased, while the coating height remained basically unchanged. Additionally, with the increase of the scanning speed, the coating height and the molten pool depth were relatively greatly reduced, while the coating width decreased little. Furthermore, with the increase of the powder feeding rate, the width of the cladding layer, the molten pool depth and the dilution rate gradually decreased, while the coating height gradually increased. The optimal process parameters are as follows: laser power of 2.4 kW, scanning speed of 7 mm/s, and powder feeding rate of 0.5 g/s. The mathematical model established by regression analysis fitted the width of the cladding layer best, and the minimum relative error was only 0.023%. The microstructure showed that metallurgical bonding was achieved between the coatings and substrates. Also, the coatings were compact and free of defects such as cracks and pores.