Laser cladding (LC) process parameters have a substantial influence on coating morphology and mechanical characteristics; it is necessary to optimize key parameters for laser processing. In this study, Stellite12 cobalt-based alloy powder with excellent corrosion and wear resistance was selected as the cladding material. The multi-objective optimization model of the LC process was established by response surface methodology, laser power, scanning speed, and powder feeding rate as input factors, and the target response variables involve dilution, aspect ratio, and microhardness of the single-track cladding. Combined with variance analysis (ANOVA), the multi-objective optimization of laser power, scanning speed, and powder feeding rate was conducted. A single-track cladding layer with a dilution of 18.29%, an aspect ratio of 3.88, and a microhardness of 634.67 HV0.2 was obtained using the optimized process parameters. Errors between the predicted and actual values of single-track cladding dilution, aspect ratio, and microhardness were less than 8%, which verified the accuracy of the established model.