Hexagonal boron nitride (h-BN), an analogue of graphene with similar layered structure, is considered as the promising material in place of graphene for application as nanofiller into polymeric matrices to develop the smart coatings for corrosion protection of metallic substrates, owing to its mechanical robustness and thermal stability together with unique electrically insulating nature. In this work, on the basis of a co-exfoliation strategy, h-BN were exfoliated by riboflavin sodium phosphate (FMN) intercalator, assisted with ball-milling to obtain few-layered nanosheets with improved water-dispersibility as well as improve their compatibility with waterborne epoxy matrix. The results from electrochemical measurement and corrosion product analysis indicate that the incorporation of only 1.0 wt% FMN-exfoliated h-BN (h-BN@FMN nanohybrids) content into waterborne epoxy matrix can realize the optimized long-term corrosion resistance of composite coatings in 3.5 wt% NaCl solution. The two-dimensional morphology and impenetrability of h-BN, together with the compatibility of waterborne epoxy system from the bridge role of FMN molecules to act as a physical barrier against corrosive species (i.e., H2O, Cl− and O2), are the main reasons behind the prominent anticorrosion performance of our composite coating.