Functionalized carbon materials can act as high-temperature coatings and eco-friendly composite materials. We have studied lanthanum-doped carbon nanotube (La-CNT) material redox behavior, cytotoxicity, and corrosion inhibition efficiency. The La-CNT material has been characterized by different techniques to confirm the presence of functional groups. The Fourier transform infrared (FTIR) and Raman studies were performed to investigate the functional groups and carbon defects. Field emission scanning electron microscopy (FESEM) and tunneling electron microscopy (TEM) studies were used to investigate the carbon nanotube microstructure, La nanoparticles were shown to interact with the carbon nanotube surface. X-ray diffraction (XRD) techniques were used to confirm the crystallinity of composite material. Electrochemical methods were used to investigate corrosion inhibition and redox stabilities. After corrosion study on the Mg alloy its microstructure was analyzed to confirm the composite material inhibition efficiency. The composite material showed significant cytotoxicity, and corrosion inhibition efficiency was shown to be 82 % as compared with pristine epoxy-coated Mg alloy.XPS results are suggested that alloy oxide layer formed. The DFT study supported the experimental findings.