High cooling rates during laser cladding of stainless steels may alter the microstructure and phase constitution of the claddings and consequently change their functional properties. In this research, solidification structures and solid state phase transformation products in single and multi layer AISI 431 martensitic stainless steel coatings deposited by laser cladding at different processing speeds are investigated by optical microscopy, Scanning electron microscopy (SEM), energy dispersive spectroscopy (EDS), orientation imaging microscopy (OIM), ternary phase diagram, Schaeffler and TTT diagrams. The results of this study show how partitionless solidification and higher solidification rates alter the microstructure and phase constitution of martensitic stainless steel laser deposited coatings. In addition, it is shown that while different cladding speeds have no effect on austenite-martensite orientation relationship in the coatings, increasing the cladding speed has resulted in a reduction of hardness in deposited coatings which is in contrast to the common idea about obtaining higher hardness values at higher cladding speeds.