At present, most Mo2FeB2-based cermets are prepared by vacuum sintering. However, vacuum sintering is only suitable for ordinary cylinder and cuboid workpieces, and it is difficult to apply to large curved surface and large size workpieces. Therefore, in order to improve the flexibility of preparing Mo2FeB2 cermet, a flux cored wire with 70% filling rate, 304 stainless steel, 60 wt% Mo powder and 40 wt% FeB powder was prepared. Mo2FeB2 cermet was prepared by an arc cladding welding metallurgy method with flux cored wire. In this paper, the microstructure, phase evolution, hardness, wear resistance and corrosion resistance of Mo2FeB2 cermets prepared by the vacuum sintering (VM-Mo2FeB2) and arc cladding welding metallurgy method (WM-Mo2FeB2) were systematically studied. The results show that VM-Mo2FeB2 is composed of Mo2FeB2 and γ-CrFeNi.WM-Mo2FeB2 is composed of Mo2FeB2, NiCrFe, MoCrFe and Cr2B3. The volume fraction of hard phase in WM-Mo2FeB2 is lower than that of VM-Mo2FeB2, and its hardness and corrosion resistance are also slightly lower than that of VM-Mo2FeB2, but there are obvious pores in the microstructure of VM-Mo2FeB2, which affects its properties. The results show that WM-Mo2FeB2 has good diffusion and metallurgical bonding with the matrix and has no obvious pores. The microstructure is compact and the wear resistance is better than that of VM-Mo2FeB2.