AlCoCrFeNi HEA powders were cladded onto AISI 1045 steel using EHLA and CLA, respectively. The phase composition, microstructure, micro/nanohardness, and corrosion resistance of the two coatings were compared and analyzed. The results show that the phase structure of AlCoCrFeNi HEA coatings prepared by EHLA and CLA was that of a BCC/B2 phase solid solution. From the bottom to the top, the EHLA-derived AlCoCrFeNi HEA coating experienced evolution in the microstructure of plane crystal, dendrite, and equiaxed crystal. The micro/nanohardness of EHLA-derived coating (~507 HV0.2, 6.716 GPa) is higher than that of CLA-derived coating (~429 HV0.2, 5.778 GPa). The electrochemical test results show that the Ecorr of CLA is −0.527 V and the Icorr of CLA is 1.272 × 10−7 A/cm2, while the Ecorr of EHLA is −0.454 V and the Icorr of EHLA is 1.588 × 10−8 A/cm2, which means that the corrosion resistance of EHLA is better.