Water-cooled wall tubes are susceptible to high-temperature corrosion during service. Applying high-performance coatings via laser cladding on the tube surfaces can significantly enhance corrosion resistance and extend the service life of the tubes, providing substantial economic advantages. This paper prepared Y2O3/IN625 composite coating by means of high-speed laser cladding. Furthermore, the effects of Y2O3 addition on the microstructure evolution, hardness, as well as the high-temperature corrosion behaviors have been systematically investigated. The results show that Y2O3 addition can effectively refine the microstructure of the Inconel 625 coating, but the phase composition has little change. The coating's hardness can also be improved by about 7.7%, reaching about 300 HV. Compared to Inconel 625 coating, the Y2O3-added composited coating shows superior high-temperature corrosion resistance, with the corrosion mass gain decreased by about 36.6%. The denser and tightly bonded Cr-rich oxides layer can be formed adjacent to the coating surface, which plays a predominant role in improving the coating corrosion resistance.