The work aims to explore the microstructure and mechanical properties of high-speed laser cladding Fe-based TY-2 alloy coatings, compared with the conventional laser cladding. The Fe-base TY-2 alloy coating was prepared on 27SiMn steel substrate by high-speed laser cladding technique. The scanning electron microscope, X-ray diffractometer and microhardness tester were used to analyze the microstructure, phase structure and mechanical properties of the high-speed laser cladding coating and laser cladding coating. Compared with the coating of laser cladding, the coating of high-speed laser cladding was uniformly dense, without cracks, with fewer impurities, and demonstrated a good metallurgical bonding with the substrate. The microstructure of the laser cladding coating was composed of mainly columnar crystal, while high-speed laser cladding coating consisted of mainly fine grain with the size of 5~10 μm. The phase of high-speed laser cladding coating was consistent with the original powder, including (Fe,Ni), Cr0.19Fe0.7Ni0.11, Fe-Cr, etc. Whereas, the phase of laser cladding coating differed from the original powder, and the high energy density led to the formation of CaNi3C0.5 intermetallic compounds. The average hardness of high-speed laser cladding coating was 604HV0.3, which is 9.4% higher than that of laser cladding coating (543HV0.3). The total energy of high-speed laser cladding is relatively low, accounting for 77.9% of the total energy of laser cladding, and the kinetic energy carried by high-speed particles accounts for 17.7% of the total energy of high-speed laser cladding. High-speed laser cladding can achieve high-efficiency cladding at low energy and obtain finer microstructure, more uniform composition, and higher hardness.