In this paper, high-speed laser cladding technology with a scanning speed of 40 mm/s was used to clad the ductile iron surface with the Fe-based alloy coating. The coatings' microstructure, element distribution, crystallographic structure, wear resistance, and corrosion resistance were investigated by using an optical microscope, SEM, XRD, friction and wear testing machine, super depth-of-field microscope, and electrochemical workstation. The results show that the microstructure of the coating is mainly γ-Fe solid solution and carbide eutectic structure. The phases of the coating are FCC phase (γ-Fe dominated), BCC phase, and carbide. The elemental distribution of the coating cross-section elements is uniform, and no quality obvious defects such as large gas pores and cracks are found. The coating mass loss was 60.0% and 47.1% of the substrate for different friction parameters and the more significant coating oxide build-up phenomenon with increased loading force. The self-corrosion rate of the coating was 0.006 g/m2·h, and the substrate was 0.042 g/m2·h; the maximum impedance value of the coating (1.34×104 Ω·cm2) was increased 20 times based on the substrate (619.2 Ω·cm2). In summary, Fe-based coatings with these process parameters can repair failed ductile iron parts and significantly extend their service life.