Fretting damage under high temperature corrosion and wear condition is one of the main factors that cause the failure of thekey parts of mechanical and electrical equipment, and laser cladding wear-resistant and corrosion-resistant coating is the maintechnology to repair these failure key parts. In this paper, the layered 50Cr6Ni2/Stellite X-40 multi-material was prepared bydirect laser deposition (DLD) using wear-resistant Fe-based alloy and corrosion-resistant Co-based alloy, to meet the needsof repair and remanufacturing of key parts with fretting damage. The results show that the layered 50Cr6Ni2/Stellite X-40composite material retains their respective microstructures and excellent properties. The microstructure of the 50Cr6Ni2layer mainly contains martensite and granular bainite, the microstructure of the Stellite X-40 layer consists of dendrite andeutectic structure. The layered 50Cr6Ni2/Stellite X-40 composite material has both good wear resistance (wear mass loss is1.0 mg) and good corrosion resistance (− 0.37549 of Ecorrand 0.00032 of icorr). The DLD layered 50Cr6Ni2/Stellite X-40composite material could meet the demand of short stress path rolling mill remanufacturing.