A new fast hot pressing (FHP) sintering method was used to prepare Mo2NiB2–Ni cermet coating to solve the problems of small scale and high energy consumption in the production. The synthetic phase and microstructure of the Mo2NiB2–Ni cermet coating were studied, and friction and wear as well as electrochemical corrosion performance were also tested. The results indicated that the Mo2NiB2–Ni cermet coating was composed of two phases, the Mo2NiB2 hard phase and the Ni metal-bonded phase. A metallurgical bond interface resembling interlocking teeth was formed between the Mo2NiB2–Ni cermet coating and the stainless steel substrate, thereby enhancing the bonding strength of the interface. Compared with the Mo2FeB2–Fe cermet coating, the Mo2NiB2–Ni cermet coating had certain wear resistance and excellent corrosion resistance. The high hardness of the Mo2NiB2 hard phase, the low mutual solubility between the Ni metal-bonded phase and the Si3N4 balls, and the generated mechanical mixing layer reduced the friction coefficient and the adhesive wear, which improved the wear resistance. The higher open circuit potential and the formation of the passivation film during the corrosion process enhanced the corrosion resistance of the Mo2NiB2–Ni cermet coating.