In order to reveal the cavitation erosion mechanisms of Fe₅₀Mn₃₀Co₁₀Cr₁₀ coating prepared by laser melting deposition (LMD) technique, the phase composition evolution, microstructure, microhardness, cavitation erosion resistance and failure mechanisms were investigated. The results demonstrate that the amount of martensite HCP ε phase of the coating surface increased by a factor of 2.43, and the microhardness increased from HV 270 to HV 410 after 20 h of cavitation erosion test in distilled water. The cumulative volume loss of the coating was approximately 55% less than that of AlCoCr_xCuFe (x=2.0), and the cumulative mean depth of erosion (MDE) was 9% that of FeCoCrAlNiTi_x (x=2.0). The surface strength and plasticity of the coating were further strengthened in the process of cavitation erosion due to the back stress strengthening and work hardening mechanism caused by the heterogeneous structure, which effectively improved the cavitation erosion resistance of the coating.