The automobile covering parts mold is a key piece of equipment in the automobile industry, and its drawbead is the core element that affects the life of the mold and the quality of the parts made. Due to the complex structure of the mold cavity for covering parts, there exist differences between material flow characteristics, load conditions, stress strain, failure forms and so on in the surface of different parts of its drawbead and the different directions of the same part of the drawbead, thus putting forward new requirements for material strengthening. For the differentiated lose efficacy forms of the dangerous end faces of the tension bars, this study carried out research into the effect of laser quenching–shock peening strengthening (LQ-LSP) on the organization, plastic deformation resistance and wear resistance of Cr12MoV steel. It was shown that the microhardness (722.30 HV) and residual stress (−383.84 MPa) of the specimens were further enhanced after laser quenching–shock peening composite strengthening. The residual austenite content of the specimen was reduced to 0.8%, and the eutectic carbide distribution morphology was improved. After three rounds of laser composite peening, the specimens had the smallest displacement of the nanoindentation load–depth curve, which exhibited the greatest nanohardness (20.0 Pa) and modulus of elasticity (565.25 Pa), while reducing the coefficient of friction (0.61) and surface roughness (0.152 Ra). The smooth and flat surface of the specimen with shallow and narrow plow grooves improved the resistance of Cr12MoV steel to plastic deformation and wear.