Mo2FeB2 Cermet Coating was deposited on Fe substrate by react flame spraying (RFS) process. Three different groups of specimens were prepared according to the change of induction heating treatment time. Comparative study of phase composition, microstructure, interfacial microstructure and bond strength of Mo2FeB2 Coating was carried out. X-ray diffractometry (XRD) and Scanning electron microscopy (SEM) were used to characterize the Mo2FeB2 coating. The bond strength between the coatings and Fe substrates was measured with the pull-off test method according to the corresponding GB 8642-88 standard. Results indicated that the time of induction heating treatment greatly affected the microstructure, interfacial microstructure and bond strength of Mo2FeB2 coating. 13 seconds of induction heating treatment favoured the formation of a compact Mo2FeB2 Coating with the highest bond strength of approximately 60 MPa.