In recent past magnetic alloys grabs more attention among the researchers because of their interesting magnetic behavior and potential applications. Cobalt based alloys were immensely studied with several alloy combinations, in order to yield an advanced magnetic properties for the applications of sensors. Driven by the existing literatures we study here the influence of phosphorous on magnetic behavior of CoNiWP films. This paper highly focuses the comparative investigation of CoNiWP alloys deposited at different current densities and how the presence of phosphorous influences the physical properties in the deposited films. The structural and morphological properties were confirmed by using X-ray diffractogram and FE-SEM micrographs. Ferromagnetic behavior of the films was confirmed using Vibrating sample magnetometer. Magnetoresistance of the film was studied with the help of four probe method and found to be having a stable GMR behavior. Corrosion behavior of the sample was studied using weight loss method and found to be having a corrosion resistance depend on magnetic elements (Co and Ni) in the film. CoNiWP films deposited at higher current density shows a considerable variation in both magnetic and corrosive properties.