Laser direct metal deposition (LDMD) enables not only the preparation of high-performance coatings on the surfaces of low-property materials but also the three-dimensional direct manufacturing and re-manufacturing of parts. In the LDMD process, the spatial coupling characteristics of the powder flow and the laser beam are the key factors affecting the forming quality of the cladding layer. Based on the gas–solid two-phase flow theory, a numerical model of coaxial powder feeding was established by CFD. The powder flow characteristics of the lower part of the nozzle, the powder particle motion trajectory, and the optical-powder spatial coupling morphology and law were studied, and the relationship between the powder flow morphology, laser beam, and powder utilization was explored. On this basis, the law between the optical-powder coupling characteristics and the geometric characteristics of the cladding layer is discussed in conjunction with LDMD experiments. The results show that the powder concentration scalar located in the focal plane of the laser beam can be used to visualize the optical-powder coupling morphology. When the powder feeding speed exceeds the loading capacity of the carrier gas flow, the powder concentration in the center of the spot and the powder utilization rate decrease. When the carrier gas flow rate is 4.0 L/min and the powder feeding rate is 4.0 g/min, the best utilization rate achieved is 81.4%. In addition, theH(height) of the cladding layer is more sensitive to changes in the powder concentration than theW(width). These findings provide new ideas for nozzle structure design and the optimization of LDMD parameters.