The industry widely uses WC coatings to protect vital machine parts, including industrial gas turbines, ball valves, and aircraft landing gear shafts. To enhance the comprehensive performance of WC-10Co cemented carbide coatings, this study added VC and Cr3C2 grain inhibitors to refine the WC particles. Two novel powder compositions, S1 (WC-10Co-2Cr3C2-2VC) and S2 (WC-10Co-2VC-2Cr) were developed using the spray granulation method, alongside a commercial WC-10Co-4Cr powder as a control. These coatings were applied to 316 stainless steel substrates using the HVOF technique and subjected to XRD, SEM, hardness, friction, and electrochemical analysis. The microstructures, phase compositions, and various properties of WC-10Co-2Cr3C2-2VC and WC-10Co-2VC-2Cr coatings were systematically investigated. The results indicate a significant reduction in decarburization and porosity in S1 and S2 coatings compared to the commercial WC-10Co-4Cr coatings. VC and Cr3C2 suppressed the Ostwald ripening phenomenon, leading to smaller WC particle sizes in S1 and S2 coatings. In terms of performance, WC-10Co-2Cr3C2-2VC exhibited the highest hardness and superior wear resistance, while the WC-10Co-2VC-2Cr coating displayed the lowest corrosion rate in a 5 wt% H2SO4 solution at 25 °C, all while maintaining excellent mechanical properties. This study opens potential directions for the creation of high-performance WC-based coatings.