The 70Cr8Ni2Y coatings were prepared by direct laser deposition (DLD) with different scanning speeds. The microstructure evolution and the relationship between microstructure and properties of the coatings were studied. The results demonstrated that the microstructure of DLD 70Cr8Ni2Y coatings was martensite, and the phases were α′ (Fe-Cr) and γ-Fe (Fe-Ni). With the increased of scanning speed, the martensite size decreased from 5.42 ± 0.04 μm to 4.42 ± 0.01 μm and 3.20 ± 0.02 μm. When the scanning speed was 20 mm s−1, the fabricated coating displayed the highest average microhardness (883 ± 37 HV) and the lowest mass wear rate (0.061 mg mm−1) without pores. The combined strengthening effect of fine grain strengthening and solid solution strengthening, as well as good formability, were the fundamental reasons for the high hardness and wear resistance of the coating. The results of this study can provide an experimental basis for the DLD alloy coatings with high hardness and wear resistance.