The invention particularly relates to laser cladding powder for reducing the wear rate of an inner hole boring cutter. The laser cladding powder is used in the technology of laser cladding processing of an inner hole of a middle/outer cylinder of a coal mine hydraulic upright column, and solves the technical problems that the existing laser processing technology is difficult to meet the repairing requirements of the inner wall of the middle/outer cylinder of the hydraulic upright column, and stainless steel is easy to crack and corrode. The laser cladding powder that reduces the wear rate of inner hole boring tools includes, in percentage : C : 0.04 wt% to 0.06 wt%; cr : 18.3 wt% ~ 18.5 wt%; cu : 3.9 wt% ~ 4.1 wt%; ta : 0.75 wt% ~ 0.85 wt%; v : 0.29 wt% ~ 0.31 wt%; mn : 0.22 wt% ~ 0.26 wt%; si : 0.3 wt% ~ 0.4 wt%; o ≤ 0. 015wt%; s ≤ 0. 030wt%; p ≤ 0. 030wt%; the rest is Fe. The invention not only ensures the basic requirements of corrosion resistance of the cladding layer under working conditions, but also reduces the temperature concentration of the boring cutter, reduces the wear rate of the boring cutter, prevents the occurrence of work hardening of the cladding layer, increases the machining cutting efficiency, and improves the service life of the boring cutter.