In this work, a novel yttria-stabilized zirconia (YSZ) and CeO2 dual nanoparticles doped Ni–B matrix nanocomposite coating has been fabricated by pulse current electrodeposition route. The effect of electrodeposition parameters on its structure, surface properties, corrosion and wear behaviors were evaluated. The nanocomposite coatings are compact with nodular-like morphology. The roughness is reduced with the increase of duty cycle. The average roughness (Sa) was about 28–46 nm and the duty cycle of 70% benefits low roughness and fine-grained structure. The crystallite sizes are 10–15 nm. Crystallite size is more dependent on current density compared to duty cycle and frequency. The coating exhibits a nanocrystalline structure with the preferred orientation of Ni (111) texture. The phase composition and preferred orientation is independent of duty cycle and frequency, but more dependent on current density. AFM and XPS were utilized to analyze the surface properties. EIS and wear test results indicated that the electrodeposition parameters greatly affect its corrosion and wear resistance. Duty cycle of 30% and 90%, current density of 2 A dm−2, frequency of 500–1500 Hz were the optimal parameters for the best corrosion resistance and better electrochemical stability in the long-term service in 3.5 wt% NaCl media.