The influence of laser power on the microstructural, strength, and tribological characteristics of aluminum bronze coatings applied to steel by laser cladding was studied. It was found that with an increase in laser power, the morphology of the coating surface becomes more uniform without extreme height differences. This study revealed that the coating microstructure corresponds to that of a composite material and consists of a bronze matrix and iron dendrites of different sizes (depending on the laser power). Such a microstructure affects the microhardness indices, which have a scatter of values over the coating thickness. There is a diffusion zone at the steel–bronze interface, which promotes adhesion of the matrix and coating materials. According to the results of tribological tests, the dry friction coefficient for the studied samples is in the range of 0.389–0.574.