This work reviews surface modification techniques for improving the wear and corrosion resistance of 42CrMo steel. The advantages and disadvantages of various methods, including thermal spraying, deposition, hardfacing, laser cladding, nitriding, and laser surface treatment, are discussed. The review elaborates on the materials commonly employed in laser cladding technology, including iron-based, cobalt-based, nickel-based, and high-entropy alloys and reinforced composite coatings. Furthermore, the mechanisms and methods of improving the wear and corrosion resistance of 42CrMo steel are summarized. Finally, this review presents research shortcomings and future opportunities of surface modification techniques. This review also provides a theoretical guide for the application of 42CrMo steel.