Abstract: Enhancing the performance of engineering components through surface modification or additive repair can effectively increase the service life of parts and reduce the consumption of materials and energy, adhering to the green and sustainable development strategy of China. In this study, Inconel 718 cladding layers were prepared on the surface of 316L stainless steel using the laser hot-wire deposition process, with a heat input of 81.4 kJ/m and a wire deposition rate up to 3.1 kg/h during the deposition process. The microstructure, phase composition, microhardness, and wear resistance of the Inconel 718 cladding layer were investigated in detail. The results reveal that the microstructure of the Inconel 718 cladding layer is predominantly comprised of columnar dendrites. The columnar dendrites grow vertically from the substrate surface and the inter-pass boundaries towards the center of the cladding layer. The γ-Ni phase is identified as the primary phase in the Inconel 718 cladding layer, with a “chain-like” and “island-like” distribution of Laves phase detected in the inter-dendritic regions of columnar dendrites. The average microhardness of the Inconel 718 cladding layer is measured at 268.89 HV1, which is 37% higher than that of the 316L stainless steel substrate. Moreover, the average friction coefficient of the Inconel 718 cladding layer is determined as 0.53, with a friction mass loss of 23.9% compared to the 316L stainless steel substrate. The worn surface of the Inconel 718 cladding layer is characterized by fine scratches and minor peeling, indicating an adhesive wear mechanism.