In this paper, WC/Fe90 iron-based composite coatings were prepared using plasma spraying technology. The influence of rare earth oxide La2O3 on the microstructure and properties of the composite coatings was studied through microstructural characterization, phase identification, microhardness, wear resistance, and corrosion resistance. The results showed that the composite coatings were mainly composed of α-Fe, M7C3, Fe-Cr, FexCy, and other reinforcing phases. The addition of La2O3 promoted the decomposition of WC particles and improved the uniformity of the coatings. When the La2O3 content reached 1.0 wt%, the hardness was the highest, reaching 885.481 HV, which was 10% higher than that of the untreated coatings. The addition of La2O3 increased the friction coefficient but still improved the wear resistance. Compared to the coatings without La2O3, the mass loss due to wear was reduced by approximately 40%. Moreover, the addition of La2O3 formed a passive film on the surface of the coatings, effectively preventing the penetration of Cl- ions and refining the grain structure of the coatings, significantly enhancing the corrosion resistance. When the La2O3 content was 1.0 wt%, the corrosion resistance of the coatings was the best.