Steel is known for its low cost of fabrication, high mechanical strength and hence is extensively used for drilling equipment, pipelines, ship building and offshore structures. Corrosion of steel is a costly problem in many applications especially in oilfield and marine environments which are known for the high temperature, high pressure and corrosive conditions. In this paper, nanocomposite coating is being explored as the preferred strategy to improve corrosion resistance for steel. Here, we will give details on the various coating materials, deposition techniques and the challenges involved in realising the most suitable coating on steel based on results of recent research. In addition, we also detail the filler specifications for getting high performance nanocomposites.