Laser cladding Ni-based composite coating was fabricated on the surface of 42CrMo steel using 6 kW fibre laser. By the addition of Mo powder, a well-formed and crack-free laser cladding composite coating was obtained. The morphology, composition, microhardness and wear resistance of composite coatings were studied using a scanning electron microscopy, an energy-dispersive spectroscopy, an X-ray diffraction spectrum, a microhardness tester and a wear tester. The results show that the cladding layer has metallurgical bonding with the substrate. The main phases of Ni45 + 10%Mo laser cladding layer are (Fe, Ni), Cr23C6, Cr3C2, Mo2FeB2 and Cr2B3. After the addition of Mo powder, the size of the microstructure of composite coatings is finer than that of Ni45 cladding layer. Stubby-rod carbides are displayed in the interdendritic interface. The molybdenum and chromium are rich in the grain boundaries. The distribution of hardness is uniform in Ni-based cladding layer, and its microhardness is significantly higher than that of the substrate. Ni45 + 10%Mo composite coating has the best wear resistance. Its wear resistance reaches 1.734 times of Ni45 coating and 2.367 times of 42CrMo steel.