FeCoCrNi-Mo high entropy alloy/diamond composite coatings were successfully prepared by high speed laser cladding. A high scanning speed was adopted (>30 mm/s), and the effects of laser power, scanning speed, and diamond content on the microstructure and wear resistance of the composite coating were studied. The processing parameters of laser cladding had significant influence on the dilution ratio, graphitization of diamond, and wear resistance of the composite coatings. When the laser cladding parameters were 3000 W of laser power and the high scanning speed of 50 mm/s, the composite coating exhibited a uniform microstructure, the lowest dilution ratio, and the best wear resistance. The wear resistance of the composite coating was enhanced with the addition of diamond, but microcracks also increased. When the amount of diamond was 15 wt.%, the best combination of microstructures and wear resistance was obtained.