Iron alloy based amorphous coating materials have enormous potential in wide range of applications such as petrochemical, aerospace, ocean, and electronic communications due to their better mechanical properties, chemical properties, magnetic properties and tribological properties. The industrial applications of coating are increasing rapidly due to many advancements in the material development and coating deposition techniques. The present paper reviewed the recent progresses in deposition technologies, development of new high order alloys and composite based coating materials. In this regard, change in microstructure, elemental composition, mechanical and tribological properties on performance of iron alloy based coating properties were presented. It can be concluded that the tribological properties of coating is dependent on pre-coating and post-coating factors. Pre-coating factors include coating deposition techniques, coating layer thickness and coating parameters such as spray distance, oxygen flow rate etc. Post-coating factors include microstructure, hardness, fracture toughness and adhesion strength. Therefore, multi-criteria decision making techniques can be the best approach to find the optimum formulation of coating materials to achieve desired set of objectives under the conflicting criteria.