Magnetic and anticorrosive properties of Ni-Cu alloy-based composite coatings prepared by pulsed electrodeposition reinforced with CNT (Ni-Cu-CNT), graphene (Ni-Cu-G), and diamond (Ni-Cu-D) have been assessed in the current work. The corrosion behavior of the composite coatings was evaluated in a 3.5% NaCl corrosive medium. Linear polarization test performed within ±10 mV with respect to open circuit potential (OCP) unveiled that graphene added coatings exhibited maximum polarization resistance (~13.1 kΩcm2) followed by the Ni-Cu-D (~9.1 kΩcm2), the Ni-Cu-CNT (~8.3 kΩcm2), and the Ni-Cu with a minimum resistance of ~4.2 kΩcm2. Electrochemical impedance spectroscopy tests performed with a signal perturbation of ±10 mV with respect to OCP and frequency sweep from 105 Hz to 10−2 Hz elicited maximum film resistance of ~32 kΩ cm2 for the Ni-Cu-G coating, which could be attributed to the high area to volume ratio, α ~134/m, of graphene nanoflakes inducing strong particle-matrix interaction and to the formation of micro galvanic cell between the graphene particles and the Ni-Cu matrix where the surface was covered predominantly with graphene, eventually lowering the corrosion rate to 5.91 MPY. For Ni-Cu-D coating, the uniform dispersion of diamond particles prohibits localized corrosion. In contrast, agglomeration of CNTs in Ni-Cu-CNT causes ~50% reduction in corrosion resistance compared to diamond reinforced coating. However, corrosion resistance of CNT grafted coating was around 2.5 times higher than Ni-Cu (~4.2 kΩcm2), which can be imputed to the filling of the pores, cracks, and crevices by CNT fibers. The hysteresis loops of Ni-Cu composite coatings traced by a vibrating sample magnetometer indicated that CNT incorporation enhanced the magnetic saturation to ~1.89 Am2/kg from ~0.84 Am2/kg (Ni-Cu) and maximum coercivity of ~110 Oe (~78.91 Oe for Ni-Cu). However, graphene and diamond addition has negligible effect on the magnetic properties of the coated systems. The enhanced anticorrosive and magnetic properties of proposed coating designs consisting of Ni-Cu matrix with carbonaceous reinforcements impart multifunctionality to the system. The marine industry can successfully adopt the proposed coating systems to protect propellers shafts, ship hulls, and specialty sensors.