This study aims to enhance the wear and corrosion resistance of 27SiMn steel hydraulic support columns used in coal mines by developing a protective multilayer Fe-based coating via high-speed laser cladding. The microstructure, phase composition, hardness distribution, wear performance, and corrosion performance of the eight-layer stacked Fe-based coating prepared on the 27SiMn steel substrate were systematically characterized. The results show that the equiaxed grain size of eight-layer Fe-based coating is refined to 1.24 µm due to the reduction in substrate dilution and the additional nucleation points generated during dynamic recrystallization in the multilayer stacking process. The eight-layer Fe-based coating with a high content BCC phase presents more uniform hardness distribution than one-layer Fe-based coating, and its hardness variation ranges from 444 to 569 HV0.3. The wear rate of eight-layer coating is reduced by 83.90% compared to the substrate, and the related wear mechanism is dominated by abrasive wear, accompanied by adhesive wear and oxidative wear. The corrosion mechanism of coating is mainly attributed to the increase in defect density of the Cr2O3 and Fe2O3 films during the immersion process, which enhances the pitting corrosion sensitivity. However, the coating’s electrochemical performance after 45 days of immersion remains superior to that of the substrate after 15 days of immersion. Moreover, after 300 days of immersion in the coal mine environment, the corrosion rate of Fe-based coating is only 8% of substrate, confirming that the coating can significantly extend the service life of hydraulic support columns.