Improving the wear and corrosion resistance of the laser cladded coating on the laminar cooling rolls is essential for ensuring the stability and reliability of steel strip production in industrial processes. Fe-Cr-Ni-Mo-B coatings were fabricated by laser cladding (LC) using water-atomized (WA) and water-gas combined atomization (WGA) powders. The influence of powder state on the microstructure of the LC coating is discussed, thereby elucidating the mechanisms by which the microstructure affects the mechanical properties and corrosion resistance. The results show that both LC coatings are composed of BCC iron, FCC iron, and carbon-boron compounds. The irregular WA powder absorbs more laser energy, forming a hotter melt pool that enhances solute dissolution and reduces hypoeutectic structures. In contrast, the spherical WGA powder yields a stable melt pool and a continuous hypoeutectic skeleton structure. The carbon-boron compounds within the eutectic structure enhance wear resistance by pinning the grain boundaries and impeding dislocation motion. The average coefficient of friction (COF) and wear scar area of the WGA LC coatings at 600 °C decrease to 0.3474 μ and 0.0132 mm 2, respectively, corresponding to reductions of 11.7 % and 40 % compared to the WA LC coating. However, the formation of carbon‑boron compounds also consumes Cr elements in the matrix, resulting in a lower corrosion potential for the WGA LC coating (0.47 V) compared with the WA LC coating (0.7 V). Its passive film is more prone to rupture, thereby diminishing corrosion resistance.