Ni-B/hBN composite coatings were successfully deposited by conventional electroplating method on mild steel substrate. Electrodeposition was carried out in Watts type nickel electrolite and trimethylamine borane (TMAB) was used as boron element source. hBN particles with 1 μm average powder size were used as reinforcements. In this study, the effects of additives in the bath and ultrasonic mixing before deposition on the composite coating properties were evaluated. Crystal structure, morphology and composition of composite coatings were investigated by X-ray diffraction analysis, scanning electron microscopy and energy dispersive spectroscopy. Also corrosion behavior of composite coatings was analysed via Tafel extrapolation and open circuit potential techniques in 3.5% wt. NaCl solution. The results showed that the composite coatings that have compact and smooth properties were obtained and ultrasonic agitaiton significantly influenced corrosion resistance of composite coatings and uniform distribution of incorporated hBN particles. It was found that corrosion rate of the composite coatings was 76.7% and 78.5% lower than that of composite coatings produced in the bath without ultrasonic mixing and without ultrasonic mixing plus additives, respectively.