AISI A2 tool steel is commonly employed as a material for bending molds. However, its relatively low wear resistance and microhardness significantly impact the precision of formed workpieces. This study aims to address these challenges by applying the laser cladding technique to produce an AISI M2 coating. Sixteen distinct experimental setups were devised using an orthogonal approach. The mechanical performance of the coatings, encompassing microhardness, friction performance, wear resistance, and bond strength, was systematically explored across various process parameters, including overlap rate, laser power, scanning speed, and powder feed rate. A novel algorithm was introduced to comprehensively evaluate the coating's performance. The Grey Relational Analysis (GRA) method was employed to determine the weights associated with different performance responses. In conjunction with the TOPSIS method, this algorithm facilitated comprehensive performance scoring across the 16 experimental groups. Finally, leveraging signalto-noise ratio analysis (SNR) and analysis of variance (ANOVA), the optimal process parameters were identified: an overlap rate (O) of 30%, scanning speed (S) of 3 mm/s, laser power (P) of 800 W, and powder feed rate (F) of 0.9 g/min. Validation experiments conclusively demonstrated that the coating showcased superior comprehensive performance under these rigorously determined process parameters.