Graphene oxide (GO) sheet and ultrasonic field (UF) were successfully employed to produce Ni–B/GO and UF–Ni–B/GO composite coatings on Q235 mild steel by electroless plating. The composite coatings’ structure and surface morphology were characterized by scanning electron microscopy (SEM), X-ray diffraction (XRD), Raman spectroscopy and X-ray photoelectron spectroscopy (XPS). Results showed that GO was successfully co-deposited in the Ni–B alloy. Moreover, UF–Ni–B/GO composite coatings have smoother surface and thicker cross-section than others. The microhardness and corrosion resistance of the sample coatings were determined using Vickers hardness tests, Tafel electrochemical tests and electrochemical impedance measurements (EIS) in 3.5wt.% NaCl solution to receive the effect of GO and ultrasonic. The findings indicated that UF–Ni–B/GO exhibited optimum hardness (856HV) and enhanced corrosion resistance (6.38 μA cm−2) over the Ni–B and Ni–B/GO coatings. Due to these interesting properties of the coating, it could be used as a protective material in the automotive and aerospace industries for parts of machines that were manipulated in high temperature and corrosive environments.