To solve the problem of poor corrosion and wear resistance of Mg-Li alloys, Fe-based amorphous coatings were prepared by high velocity oxygen-fuel spraying technology (HVOF) on the LA141 magnesium alloy substrate with a Ni60 intermediate layer. The microstructure and performance of Fe-based amorphous coatings with different oxygen flow and kerosene flow were characterized and analyzed. The results demonstrate that there is an optimal oxygen/kerosene ratio where the porosity of Fe-based amorphous coating is the lowest. Moreover, the amorphous content increases with the decrease in the oxygen/kerosene ratio. In particular, when the oxygen flow is 53.8 m3/h and the kerosene flow is 26.5 L/h, the Fe-based amorphous coating possesses the lowest porosity (0.87%), the highest hardness (801 HV0.1), the highest bonding strength (56.9 MPa), and an excellent corrosion and wear resistance. Additionally, it can be seen that the Fe-based amorphous coating is composed of amorphous splats and amorphous oxides, but the Ni60 intermediate layer exhibits an amorphous and crystalline multi-phase structure. The high bonding strength of the coating is attributed to the low porosity of Fe-based amorphous coating and the localized metallurgical bonding between different layers. Finally, the mechanisms on corrosion and wear of Fe-based amorphous coatings are also discussed.