To extend the service life of 316L stainless steel components in harsh environments, this study utilized laser cladding technology to enhance the hardness, wear resistance, and corrosion resistance of the 316L stainless steel surface. Nickel-based and cobalt-based cladding layers were prepared on the surface of the 316L stainless steel, and the microstructure and phases of the layers were analyzed using scanning electron microscopy, energy dispersive spectroscopy, X-ray diffraction, and X-ray photoelectron spectroscopy. In addition, the hardness of the substrate and the cladding layers was tested with a microhardness tester, the frictional wear performance was tested with a pin on disc wear tester, and the corrosion resistance was tested with an electrochemical workstation. The experimental results indicate that the nickel-based cladding layer primarily comprises the γ-(Fe, Ni), Cr₇C₃, and Ni₃Si phases, with equiaxed and dendritic grains being the predominant morphologies. By contrast, the cobalt-based cladding layer mainly comprises the γ-Co, Cr₇C₃, and Co₇W₆ phases, with columnar and dendritic grains being the predominant morphologies. Both cladding layers displayed a significantly better microhardness, wear resistance, and corrosion resistance than the substrate. Between the two cladding layers, the nickel-based cladding layer demonstrated a superior microhardness, whereas the cobalt-based cladding layer slightly outperformed in wear resistance and corrosion resistance. The findings from our results are important for understanding the performance of laser-cladding layers and laying a scientific basis for the promotion and optimization of laser cladding technology in industrial applications. Moreover, our results showed that laser cladding technology is increasingly important in extending the service life of components and improving the material performance.