Ni-based composite coatings with different graphite/Ni contents are prepared by laser cladding on the 40CrNi2Si2MoV steel. The microstructure and properties of the composite coatings are investigated by means of X-ray diffraction (XRD), scanning electron microscopy, energy dispersive X-ray (EDX) spectroscopy, Vickers hardness tester, and friction wear testing machine. The results show that the composite coatings mainly consist of γ-Ni, Ni3B, M23C6, and M7C3 phases. But with the graphite/Ni addition increasing, the contents of the eutectic increase. The graphite is observed as the graphite/Ni addition is beyond 10.0% (volume fraction). The changes in the microstructure improve the hardness and the wear resistance of the coatings while the anti-friction property presents a trend of first decreasing and then increasing, and the lowest anti-friction property is obtained as the graphite/Ni addition is 6.0%.