In this study, a new manufacturing process for a multilayer-clad electrical contact material is suggested. A thin and dense BCuP-5 (Cu-15Ag-5P filler metal) coating layer is fabricated on a Ag plate using a high-velocity oxygen-fuel (HVOF) process. Subsequently, the microstructure and bonding properties of the HVOF BCuP-5 coating layer are evaluated. The thickness of the HVOF BCuP-5 coating layer is determined as 34.8 μm, and the surface fluctuation is measured as approximately 3.2 μm. The microstructure of the coating layer is composed of Cu, Ag, and Cu-Ag-Cu3P ternary eutectic phases, similar to the initial BCuP-5 powder feedstock. The average hardness of the coating layer is 154.6 HV, which is confirmed to be higher than that of the conventional BCuP-5 alloy. The pull-off strength of the Ag/BCup-5 layer is determined as 21.6 MPa. Thus, the possibility of manufacturing a multilayer-clad electrical contact material using the HVOF process is also discussed.