The self-assembled Cu92Fe8 immiscible composite coating is fabricated by the laser cladding technique. Its phase separation, microhardness, corrosion resistance and magnetic properties are investigated. The results indicate that the particle size of Cu92Fe8 composite powder decreases significantly after ball milling, which consists of small amounts of body-centered cubic α-Fe and solid solution Cu. During the process of laser cladding, the supercooled Cu92Fe8 melt experiences liquid phase separation, and many spherical Fe-rich α-Fe particles are evenly embedded within the Cu-rich ε-Cu matrix. The microhardness of the self-assembled Cu92Fe8 immiscible composite coating is uniform and slightly higher than that of brass, and its corrosion resistance is slightly worse than that of brass, but its soft magnetic property is better.