Ultra-high-speed laser cladding is an emerging surface coating technology. Through the optimal coupling of powder and laser, the cladding efficiency can be substantially enhanced, surface quality can be made better than that of traditional laser cladding coating, and damage to the substrate can be minimized. The principle and technical benefits of ultra-high-speed laser cladding are introduced in this study. The influence of laser power, scanning rate, powder feeding speed, and overlap rate on the cladding layer formation is summarized by comparing with the characteristics of traditional laser cladding technology. In addition, investigation status of the major properties of ultra-high-speed laser cladding coating, such as hardness, wear resistance, and corrosion resistance, is introduced in detail, and the industrial application status of ultra-high-speed laser cladding technology at home and abroad is listed. Finally, based on the current investigation progress, it is pointed out that there is a gap in the study on the interface bonding state of the ultra-high-speed laser cladding coating and the mechanics of the coating component, and prospects for the development of this technology are presented. It is predicted to offer theoretical support for the extensive application of ultra-high-speed laser cladding technology.