The study investigated novel wear and corrosion resistance of stainless steel and 316 stainless steel samples which were successfully prepared by laser melting deposition. Phase composition, microstructure, microhardness, wear resistance, and electrochemical corrosion resistance were studied. The experimental results showed that novel stainless steel was mainly composed of α-Fe and a few carbide phase (Cr, Fe)7C3. The microhardness of novel stainless steel was about 2.7 times greater than 316 stainless steel. Meanwhile, the specific wear rate of novel stainless steel and 316 stainless steel was 2.63 × 10−5 mm3/N m and 1.63 × 10−4 mm3/N m, respectively. The wear volume of 316 stainless steel was 6.19 times greater than novel stainless steel. The corrosion current and the corrosion potential of novel stainless steel and 316 stainless steel were 1.02 × 10−7 A/cm2 and 1.5 × 10−7 A/cm2, and −138.8 mV, −135.9 mV, respectively, in 3.5 wt% NaCl solution. Therefore, both microhardness and wear resistance of novel stainless steel were greatly improved, with high corrosion resistance.