New type Cr-Ni-Mo and Cr-Ni-Co overlaying alloys were prepared by argon tungsten-arc welding (TIG) on 304 stainless steel, and tested by cavitation vibrating device. The cavitation erosion resistance of alloys was compared through the analysis of mass loss. The alloy layer was analyzed by scanning electron microscopy (SEM), X-ray diffractometer (XRD) and microhardness tester. Results indicate that the cavitation erosion resistance of Cr-Ni-Mo and Cr-Ni-Co overlaying alloys is better than that of 304 stainless steel, and the resistance of Cr-Ni-Co is better than Cr-Ni-Mo. In the process of cavitation the damage is preferred to appear in grain boundary. Phase transformation from austenite to martensite happens in the cavitation process of Cr-Ni-Co alloy, and it is helpful to absorb the energy and delay the process of cavitation erosion, and enhance the cavitation erosion resistance effectively. The cavitation erosion resistance of overlaying alloys is related to hardness and work hardening ability.