To enhance the stress-adaptive characteristics of the FeMnSi shape memory alloy's γ↔ε martensitic transformation, improve its fatigue strength, wear resistance, residual stress release, stress concentration reduction, and microcrack inhibition capabilities, this paper studies the process and performance characteristics of FeMnSiCrNi shape memory alloy coatings prepared by laser alloying on the surface of 316 stainless steel. The study uses laser alloying technology to prepare FeMnSiCrNi shape memory alloy coatings on the surface of 316 stainless steel. The shape and size of the coating molten pool are simulated using the finite element analysis software ANSYS. After optimizing the laser alloying process parameters, the best process is selected as a laser power of 2000 W, a scanning speed of 400 mm/s, a defocusing distance of -30 mm, and an overlap rate of 50%. Subsequently, the microstructure, residual stress distribution, mechanical properties, and wear resistance of the coating are systematically analyzed using a scanning electron microscope (SEM), X-ray diffractometer (XRD), X-ray stress analyzer, microhardness tester, and friction tester. The observation results show that the coating structure is dense, the surface is smooth, and it forms a good metallurgical bond with the 316 stainless steel substrate. It is mainly composed of γ austenite phase and a small amount of ε martensite phase. The residual stress generated during the laser alloying process induces the γ→ε martensitic transformation. After the coating cools, the transverse residual stress in the middle area is compressive stress, and it gradually changes to tensile stress on both sides, showing a "compressive stress→tensile stress→compressive stress" distribution along the laser scanning direction. The hardness of the FeMnSiCrNi shape memory alloy coating is significantly higher than that of the 316 stainless steel substrate, and the friction coefficient is lower. Under dry friction conditions, at loads of 10 N, 15 N, and 20 N, the friction coefficients of the Fe₁₇Mn₅Si₁₀Cr₅Ni coating are 0.46, 0.57, and 0.97, respectively, while those of the stainless steel substrate are 0.57, 0.98, and 1.33, respectively. Under dry friction for 10 minutes, the wear amounts of the Fe₁₇Mn₅Si₁₀Cr₅Ni coating are 0.17 g (10 N load), 0.29g (15 N load), and 0.50 g (20 N load), significantly lower than those of the 316 stainless steel substrate, which are 0.42 g (10 N load), 0.81g (15 N load), and 1.12 g (20 N load), respectively. The wear mechanism of the FeMnSi shape memory alloy coating is abrasive wear, while the 316 stainless steel substrate mainly shows adhesive wear. The test results show that the Fe₁₇Mn₅Si₁₀Cr₅Ni shape memory alloy coating prepared by laser alloying technology exhibits excellent mechanical properties and wear resistance, and verifies the important role of the γ→ε martensitic transformation in optimizing the coating performance. This coating not only significantly improves the hardness and wear resistance of 316 stainless steel, but also optimizes the friction coefficient and residual stress distribution, providing a new theoretical basis and practical solution for the design of high-performance FeMnSi shape memory alloy materials and metal surface modification.