Stellite 12 alloy-powders were overlaid on 410 stainless steel valve seat using plasma transferred arc(PTA) process. Variation of the microstructure, hardness, wear and corrosion of overlaid deposit with current change was investigated. The deposit showed hypoeutectic microstructure, which was consisted of primary cobalt dendrite and networked $M_7C_3$ type eutectic carbides. As current increased, the amount of eutectic carbide decreased and its dendritic secondary arm spacing increased. Hardness of the deposit was decreased with increase of current. Stress relief heat treatment at $600^{circ}C$ for two hours resulted in slight increase of hardness in the deposit and showed uniform hardness distribution in base metal without any hardened layer in HAZ. Specific wear decreased with increase of sliding distance. The deposit of high hardness with a lot of eutectic carbide showed relatively low specific wear. Initial corrosion current density of the deposit in 0.1N sulfuric acid was lower than those of 410 stainless steel, and showed a little variation with PTA current.