The invention discloses a cobalt based metal powder. The metal powder is prepared from, by weight, 13-15% of tungsten carbide, 0.2-0.4% of carbon, 2-4% of calcium fluoride, 2-4% of silicon nitride, 18-23% of chromium, 2-4% of boron, 0.2-0.4% of vanadium, 5-8% of iron, 4-6% of silicon, 9-12% of molybdenum, 1.2-1.6% of manganese, and the balance cobalt. The cobalt based metal powder can be sufficiently fused with a lathe tool base material, the ingredients can be evenly distributed into a cladding layer, ultrahigh hardness ceramic granules are adopted for improving the harness of a lathe tool, in addition, some micro elements are selected for improving the corrosion resistance, strength and heat resistance of the lathe tool, and therefore the cobalt based metal powder is used for performinglaser fusion covering on the lathe tool, and the cost is lowered while the mechanical performance of the surface of the lathe tool can be improved.