Ni–Al alloy coatings with different Y additions are prepared on 45# medium steel by laser cladding. The influence of Y contents on the microstructure and properties of Ni–Al alloy coatings is investigated using X-ray diffraction, scanning electron microscopy, electron probe microanalyzer, Vickers hardness tester, friction wear testing machine, and thermal analyzer. The results show that the cladding layers are mainly composed of NiAl dendrites, and the dendrites are gradually refined with the increase in Y additions. The purification effect of Y can effectively prevent Al2O3 oxide from forming. However, when the atomic percent of Y addition exceeds 1.5%, the extra Y addition will react with O to form Y2O3 oxide, even to form Al5Y3O12 oxide, depending on the amount of Y added. The Y addition in a range of 1.5–3.5 at.% reduces the hardness and anti-attrition of cladding layer, but improves obviously its wear and oxidation resistances.