In the realm of surface modification, repair, and reinforcement of components exposed to challenging operational conditions, such as tillage tools, laser cladding stands out as an innovative manufacturing technique. Employing this additive manufacturing approach, a functionally graded material with outstanding strength and properties is incorporated to enhance the desired attributes of the base material. This comparative investigation scrutinized and assessed the microstructural characteristics, hardness, wear resistance, and corrosion behavior of high carbon ferrochrome FeCrV15 coatings fabricated at two distinct powder feed rates, namely 5 and 6 g/min, respectively. The analysis delved into how the resultant coatings' molten bead deposition, microstructural evolution, hardness, wear resistance, and corrosion resistance were influenced by the powder feed rate. Evaluation of hardness was conducted using a Vickers microhardness testing apparatus, while phase identification was accomplished utilizing an X-ray diffractometer. The morphologies of the microstructures were scrutinized employing optical microscopy and scanning electron microscopy coupled with energy dispersive spectroscopy (SEM/EDS). Furthermore, the corrosion response of the deposits in a soil–water environment was probed utilizing an Autolab potentiostat. A comprehensive assessment of the coatings' sliding wear performance was undertaken using an Anton Paar Tribometer. The findings of the study reveal that an escalation in the powder feed rate engenders heightened grain refinement within the microstructure, yielding a defect-free sample and augmenting the wear performance (with a wear rate of 2.42 × 10–6 mm3/N/m for sample B, surpassing 2.39 × 10–5 mm3/N/m for sample A and outstripping 1.72 × 10–3 mm3/N/m for the steel substrate). Additionally, the corrosion resistance is enhanced (with a corrosion rate of 0.0032 mm/yr for sample B, surpassing 0.0036 mm/yr for sample A, which, in turn, exceeds 0.1168 mm/yr for the steel substrate) in the case of sample B.