In order to improve the performance of 304 stainless steel for use in oil and gas field applications and broaden its applicability, Fe-based coatings with small amounts of amorphous structures were prepared by high-velocity oxygen-fuel spraying onto stainless steel substrates. The wear resistance and hydrogen sulfide corrosion resistance of the coatings were tested and compared to the preferred corrosion resistance of Hastelloy C276 coatings. Samples with two kinds of coatings were subjected to 720 h of corrosion in a 40 °C H2S solution. The effects of corrosion on the microstructure and phase composition of the sprayed coatings were analyzed using scanning electron microscopy, X-ray diffraction, and X-ray photoelectron spectroscopy. The mechanical properties of the materials were characterized using nano-indentation, a friction-abrasion testing machine, and confocal laser microscopy. The results showed that both coatings provided excellent resistance to H2S corrosion (0.14, 0.15 mm/y), but the Fe-based coating was more effective at enhancing the hardness (twice as much as C276 coating), Young's modulus, and wear resistance of the stainless steel. Given its higher wear resistance and lower cost, the Fe-based coating was concluded to be more effective in protecting 304 stainless steel for use in oil and gas applications.