A　new　Fe-based　alloy　powder　was　designed　to　prepare　coatings　by　plasma　transferred　arc-welding　(PTAW)　process　on　AISI304L　stainless　steel　substrate.　The　microstructure　and　wear　behavior　of　the　relative　coating　were　detected　by　XRD,　SEM　and　a　rubber　wheel　abrasive　testing　machine　respectively,　in　comparison　with　that　of　the　traditional　NiCrBSi　and　NiCrBSi+25%WC　coatings.　The　results　show　that　the　matrix　of　Fe-based　coating　consists　of　Fe-Cr　solid　solution　and　γ-Fe　phase,　surrounded　by　numerous　dispersed　Mo-rich　borides　and　M23(B,　C)6　hard　phases,　which　contribute　to　support　and　strengthen　the　coating　organization.　The　Fe-based　coating　exhibits　high　average　hardness　of　64.2　HRC,　and　excellent　wear　resistance　which　is　better　of　that　of　the　NiCrBSi+25%WC　coating　and　exceeds　8　times　of　that　of　the　NiCrBSi　coating.