Cobalt-based alloy coatings and WC-Co-based ceramic–metal (cermet) coatings have been widely used because of their desirable mechanical properties and corrosion resistance. In this work, the influence of Co content on the microstructure, mechanical properties and cavitation erosion (CE) resistance were investigated. A cobalt-based alloy coating, a WC-12Co coating, and a WC-17Co cermet coating were deposited by high-velocity oxygen fuel (HVOF) spraying on 1Cr18Ni9Ti substrates. Results indicate that the cobalt-based alloy coating had the largest surface roughness because surface-bonded particles of lower plastic deformation were flattened. The existence of WC particles had led to an increase in hardness and improved the fracture toughness due to inhibit crack propagation. The pore appeared at the interface between WC particles, and the matrix phase had introduced an increase in porosity. With the increase in Co content, the cohesion between matrix friction and WC particles increased and then decreased the porosity (from 0.99% to 0.84%) and surface roughness (Ra from 4.49 to 2.47 μm). It can be concluded that the hardness had decreased (from 1181 to 1120 HV0.3) with a decrease in WC hard phase content. On the contrary, the fracture toughness increased (from 4.57 to 4.64 MPa∙m1/2) due to higher energy absorption in the matrix phase. The WC-12Co and WC-17Co coatings with higher hardness and fracture toughness exhibited better CE resistance than the cobalt-based alloy coating, increasing more than 20% and 16%, respectively. Especially, the WC-12Co coating possessed the best CE resistance and is expected to be applicable in the hydraulic machineries.