In this study, homogeneous (Ti, Nb)(C, B)/IN625 composite coatings with almost defect-free microstructures were successfully prepared on a 42CrMo steel substrate by coupling ultra-high-speed laser cladding (USLC) with the direct reaction synthesis (DRS) technique to introduce the in-situ exothermic reaction into the cladding materials; these were comparatively analyzed with the pure IN625 coating prepared only by USLC. Our results showed that the interface of the composite coating/substrate was greatly affected by about 670 kJ Joule heat released from the in-situ reaction happening during the cladding process, which was sufficient to remelt the as-deposited materials and significantly increased the coating/substrate interface width to around 24 μm, six times the interface width of pure IN625 coating. Furthermore, the residual stress inside the coating and across the interfacial region was also reduced, alleviating the interface stress mismatch. However, the surface hardness of (Ti, Nb)(C, B)/IN625 composite coating was found to be lower than that of the IN625 coating, and the average wear weight loss was only 10% of that of the IN625 coating, attributable to the in-situ authigenic TiCB, TiC, NbMo 3B 4 and NbMo 2B 2 phases providing load transfer from the hard phases to the IN625 composite matrix to achieve abrasion reduction and wear resistance. It was also found that the formation of nano-equiaxial ultrafine grains in the depth range of 250 nm below the wear surface was facilitated by the coupling of the three fields of plastic rheology-heat-force, which dynamically strengthened the wear surface. Based on these findings, it is suggested to promote the strategy of combing USLC and DRS techniques to achieve an additional ability to enhance the coating microstructure and reduce residual stress, to achieve better tribological performance.