<p>Fe-based alloy and Ni-based alloy modified layers were prepared on the surface of Z5CND16-05 martensitic stainless steel by plasma transfer arc process. The differences in microstructure, microhardness, friction, corrosion resistance, and cavitation resistance of coatings with different alloy compositions were studied. The results show that the Fe-based alloy coating is composed of cellular α-Fe solid solution matrix phase and gray eutectic structures (Fe, Cr)₇C₃ and (Fe, Cr)₂₃C₆ distributed between dendrites. The nickel-based alloy coating structure is mainly light gray dendrites, and the matrix is γ-Ni face-centered cubic solid solution. The nickel-based alloy coating structure shows directional growth at the interface. Due to the existence of equiaxed crystals in Ni-based alloy coating and the refinement of microstructure in Fe-based alloy coating, their wear resistance is better than that of substrate. In 3.5 wt% NaCl solution at room temperature, the electrochemical corrosion current density of nickel-based alloy coating is 1.7 × 10⁻⁷&#xa0;cm⁻², and its passivation film shows good continuity and integrity. Compared with martensitic stainless steel substrate, the microhardness of the two materials is significantly improved. After cavitation erosion for 4 hours, the weight loss of Ni-based alloy coating is the lowest, and the average erosion rate is the lowest of 1.50&#xa0;μm/h.</p>