Since rare earth oxides and hard ceramic particles improve coating quality, a novel Al2O3@Y2O3 core–shell structure was prepared. Then, Ni60A coatings with different amounts (2~6 wt.%) of Al2O3@Y2O3 core–shell structures were prepared using laser cladding technology on an H13 steel surface. To demonstrate the unique effect of the core–shell structure on the performance of the coatings, a set of controlled experiments was also conducted with different proportions of Al2O3-Y2O3 mechanically mixed powders. The effect of Al2O3@Y2O3 addition on the phase composition, element distribution, microstructure, wear, and corrosion resistance of the coatings was characterized and tested thoroughly. By comparing the forming quality, hardness, wear, and corrosion resistance of the different coatings, 2 wt.% was confirmed as the optimal concentration of Al2O3@Y2O3, and its corresponding friction coefficient was about 0.44. The wear rate was approximately 4.15 × 10−3 mm3·(N·m)−1, the self-corrosion potential was around −0.3659 V, and the self-corrosion current density was about 1.248 × 10−6 A·cm−2.