The alloy coating with mass fraction of 35.8%Fe-20%Ti-20%Al-24%Cr-0.2%Y₂O₃ was fabricated on the surface of 304 stainless steel by laser cladding process. The microstructures, elemental distributions, and mechanical properties of the coating were characterized. The results show that under the conditions of laser power of 2200 W, scanning velocity of 5 mm/s, and overlapping rate of 50%, the obtained coating has a uniform and dense structure without defects such as cracks and pores. There is a metallurgical bond between the coating and the substrate, and the dilution rate is 7.31%. Phase compositions of the coating are mainly (Fe,Cr)Al, Y₂TiO₇, and TiO₂. The average grain size is less than 6.7 μm. As a result, the coating has high hardness and good high temperature wear resistance, the hardness reaches 550 HV (the substrate is 210 HV). The mass loss rate of wear test at 400 ℃ is only 3.67% of that of 304 stainless steel.