In the first stage, chitosan (CH)–hydroxyapatite (HA)-multiwalled carbon nanotube (MWCNT) composite coatings were synthesized by electrophoretic deposition technique (EPD) on 316L stainless steel substrates at different levels of pH and characterized by X-ray diffraction (XRD), Raman spectroscopy, FTIR and field emission scanning electron microscopy (FESEM). A smooth distribution of HA and MWCNT particles in a chitosan matrix with strong interfacial bonding was obtained. In the next stage, effects of pH and MWCNT content of the suspension on the corrosion behavior and deposition mechanism were studied. Potentiodynamic polarization and electrochemical impedance spectroscopy (EIS) curves revealed that increasing pH level of the suspension increases the corrosion protection properties of the deposited composite coating in simulated body fluid (SBF). Furthermore, Nyquist plots showed that increasing MWCNT content of the suspension resulted in higher amounts of Rp, but because of the capillary properties of MWCNTs and degradability of the chitosan matrix, corrosion protection level of the coatings containing HA–CH–MWCNT was lower than those of coatings containing solely HA–CH. Amperometric curves in different pH levels of the suspension revealed that the system is diffusion controlled at elevated pH values.