FeCoNiCrMo0.2 high entropy alloy has many excellent properties, such as high strength, high wear resistance, high corrosion resistance, and high ductility. To further improve the properties of this coating, FeCoNiCrMo high entropy alloy (HEA) coatings, and two composite coatings, FeCoNiCrMo0.2 + WC and FeCoNiCrMo0.2 + WC + CeO2, were prepared on the surface of 316L stainless steel by laser cladding technology. After adding WC ceramic powder and CeO2 rare earth control, the microstructure, hardness, wear resistance, and corrosion resistance of the three coatings were carefully studied. The results show that WC powder significantly improved the hardness of the HEA coating and reduced the friction factor. The FeCoNiCrMo0.2 + 32%WC coating showed excellent mechanical properties, but the distribution of hard phase particles in the coating microstructure was uneven, resulting in unstable distribution of hardness and wear resistance in each region of the coating. After adding 2% nano-CeO2 rare earth oxide, although the hardness and friction factor decreased slightly compared with the FeCoNiCrMo0.2 + 32%WC coating, the coating grain structure was finer, which reduced the porosity and crack sensitivity of the coating, and the phase composition of the coating did not change; there was a uniform hardness distribution, a more stable friction coefficient, and the flattest wear morphology. In addition, under the same corrosive environment, the value of polarization impedance of the FeCoNiCrMo0.2 + 32%WC + 2%CeO2 coating was greater, the corrosion rate was relatively low, and the corrosion resistance was better. Therefore, based on various indexes, the FeCoNiCrMo0.2 + 32%WC + 2%CeO2 coating has the best comprehensive performance and can extend the service life of 316L workpieces.