Obtaining excellent wear and corrosion resistance for Mg alloy is of great significance. In this study, Al0.5MnFeNiCu0.5Six coatings were prepared on Mg alloy by laser cladding. To relieve the stress gradient between Mg alloy and Al0.5MnFeNiCu0.5Six coatings, Al-Ni alloy was selected as the transition layer. The effects of Si content on the microstructure, wear and corrosion resistance of Al0.5MnFeNiCu0.5Six coatings were analyzed. The results showed that Al0.5MnFeNiCu0.5Six coatings exhibited the equiaxed grain composed of BCC and FCC. Compared with Mg alloy, the microhardness of Al0.5MnFeNiCu0.5Six coatings was improved by 7.2 to 11.06 times, and the wear volume was decreased by 87.82-94.98% because of the comprehensive effect of solid solution strengthening, dislocation strengthening and fine grain strengthening. Al-Ni transition layer inhibited the dilution of Mg into Al0.5MnFeNiCu0.5Six coatings and reduced the corrosion potential difference. Moreover, Al0.5MnFeNiCu0.5Si0.75 coating had the best wear resistance and corrosion resistance due to low segregation rate of Al, Cu and the fine grain.