To improve the anti-corrosive and drag-reducing properties of 70 carbon steel coiled tubing and extend its service life, we presented an innovative approach involving composite electroplating. This method allows for the deposition of high-performance, anti-corrosive, and drag-reducing coatings on the inner walls of coiled tubing. And a continuous, uniform, and dense Ni-Co-Al2O3 coating was successfully prepared on the inner wall of coiled tubing. This economically viable technique was systematically applicable in industrial settings for enhancing drag reduction and corrosion resistance in continuous petroleum pipelines, offering a practical solution for manufacturing functional coatings with desirable properties. Furthermore, considering the inhibitory effect of Co(OH)2 on Ni deposition, we developed a novel anomalous co-deposition model for Ni-Co binary alloys. The simulation results using the COMSOL® demonstrated a high correlation with the experimental data, underscoring the model as effective for controlling and predicting the composition and structure of Ni-Co coatings.