WC–12Co coatings were deposited on 16Cr5Ni stainless steel substrate by high-velocity oxygen fuel (HVOF) process, followed by a one-hour heat-treatment in a tube furnace with a nitrogen atmosphere at 650, 800, 950, and 1100 °C, respectively. The influence of heat-treatment temperature on properties and cavitation erosion resistance of as-sprayed and heat-treated WC–12Co coatings was studied. The cavitation erosion test was carried out with ultrasonic cavitation erosion equipment. The porosity, microhardness, phase composition, as well as surface and cross-section morphology of the coatings were characterized. The coating heat-treated at 800 °C showed three typical cavitation erosion stages and exhibited the best cavitation erosion resistance. The cavitation erosion resistance was closely related to the coating microstructure and heat-treatment process. 3D optical microscopy was used to analyze the eroded surface of the coatings. The cavitation erosion mechanism of the coatings was discussed.