Laser cladding repair is an advanced technology for repairing Invar alloy moulds; however, the influences of various processing parameters on the quality of the Invar alloy moulds have yet to be determined. To explore the optimisation of laser cladding repair parameters, analyses of the geometric features and microstructure of the cladding layer were conducted. First, the influences of different powder feeding rates and scanning speeds on the dilution rate of the substrate were investigated by establishing a mathematical model of the laser power attenuation. Next, the influences of the parameters on the geometric features of the cladding layer were analysed. Finally, the influences of the parameters on the microstructure of the cladding layer were evaluated. At a laser power of 2300 W, a scanning speed of 3 m/min, and a powder feeding rate of 9 g/min, the best results of the width, height, dilution rate, roughness, and contact angle of the cladding layer were obtained. The results of this study indicated that excellent metallurgical bonding occurred between the cladding layer and the interface layer, and that the intended geometric features and desired microstructure of the cladding layer were obtained.