This study utilized oscillating laser cladding technology to fabricate nickel-based composite coatings, systematically investigating the influence of varying laser powers on their morphology, microstructure, and properties. The results indicate that as laser power increases from 800 W to 1400 W, the dilution rate of the coating exhibits a non-monotonic change, reaching a maximum at an intermediate laser power due to the competing effects of enhanced substrate melting and melt-pool instability. The microstructure of the coatings is primarily composed of dendritic and equiaxed crystals. Elemental analysis revealed that Ni is predominantly enriched within the dendritic regions, whereas Cr segregates toward the grain boundary areas. Furthermore, the microhardness of the coating, as well as its anti-wear and anti-corrosion properties, are positively correlated with the laser power. When the power reaches the maximum value of 1400 W studied, the performance of the coating significantly improves. The average hardness is 482 HV, and the relative wear resistance is approximately 1.8 times that of the coating when the power is 800 W. The corrosion current density is 9.04 × 10⁻⁷ A/cm².