Nickel-coated carbon nanotubes (Ni-CNTs) were achieved by electroless plating. Laser cladded IN718 and IN718 with 10, 30, and 50 wt% additions of Ni-CNTs were fabricated. The structural evolution of CNTs in the laser-deposited layers was studied; the microstructure, tensile, and wear properties of the laser-cladded alloys were characterized. The results show that CNTs in the laser-deposited layers are mostly transformed to carbon nanoproducts (CNPs) in the forms of graphene nanosheets, graphene fragments, carbon nanoribbons, and diamond-like nanoparticles by unzipping, interbonding, collapsing, and curvature of CNTs. The interdendritic Laves phase formation is dramatically depressed due to the addition of Ni-CNTs, but the excess addition of the Ni-CNTs can undesirably increase the formation of NbC. The addition of Ni-CNTs effectively improves the tensile and wear properties. The most superior tensile and wear properties are achieved in the layers with 30 and 50 wt% additions of Ni-CNTs, respectively. The generation of intermetallic phase and CNPs are revealed to be two dominant effects both on the tensile and wear properties of the laser-cladded alloys.