The preparation of Mo2FeB2 cermet by vacuum sintering technology causes a large initial investment for equipment, low production efficiency, high cost and poor adaptability for engineering applications. In order to overcome these disadvantages, the Mo2FeB2 cermet can be prepared by laser cladding. In this paper, the effects of RE (rare earth) content on the microstructure and properties of cladding metal were studied by means of scanning electron microscope (SEM) and hardness tester. It was found that the hardness of the cladding layer with 2%Re addition was obviously refined compared with that without the addition of rare earth. With the further increase of rare earth addition, the hard phases began to agglomerate and connect with each other, and more Mo elements were enriched in the hard phase and eutectic structure, participating in the formation of Mo2FeB2, and the matrix was relatively reduced. For the enrichment effect of Mo, the addition of 2% Re was better, the addition of 4% Re was slightly worse, and the addition of 8% Re was the best. As for the cladding layers with 0%, 2%, 4% and 8% Re added, the area fractions of the hard phase were 30.84%, 53.74%, 71.25% and 54.92%, respectively, and the average microhardness were 627 Hv, 923 Hv, 1008 Hv and 742 Hv. These results suggest that the area fraction of the hard phase and the hardness of the cladding layer are significantly improved with the addition of rare earth.