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Cobalt-based alloys with different Y2O3 contents were deposited on Q235A-carbon steel using plasma transferred arc (PTA) welding machine. The effect of Y2O3 on the microstructure and wear resistance properties of the cobalt-based alloys were investigated using an optical microscope, a scanning electron microscope (SEM), X-ray diffraction (XRD), and transmission electron microscopy (TEM). It was found that a cobalt-based solid solution with a face-centered cubic crystal structure was presented accompanied by the secondary phase M7C3 with a hexagonal crystal structure in the Y2O3-free cobalt-based alloy coating. Several stacking faults exist in the cobalt-based solid solution. The addition of Y2O3leads to the existence of the Y2O3 phase in the Y2O3-modified coatings. Though stacking fault exists in the Y2O3-modified coatings, its density increases. The addition of Y2O3 can refine the microstructure and can increase the wear resistance properties when its contents are less than or equal to 0.8 wt.%. However, further increase of its contents will lead to the agglomeration of undissolved Y2O3 particles at the γ-Co grain boundary, and will lead to a coarse microstructure and lower wear resistance properties.