Electroless low-phosphorus NiP coating was deposited on a wrought ZE10 magnesium alloy including an advanced pre-treatment of the material surface before deposition. Uniform NiP coating with an average thickness of 10 µm was formed by 95.6 wt % Ni and 4.4 wt % P. The content of Ni and P was homogeneous in the entire cross-section of the coating. Applying the NiP coating to the magnesium substrate, the surface microhardness increased from 60 ± 4 HV 0.025 to 690 ± 30 HV 0.025. Using the scratch test, it was determined that deposited NiP coating exhibits a high degree of adhesion to the magnesium substrate. Electrochemical corrosion properties of NiP coating were analyzed using the polarization tests in 0.1 M NaCl, while the deposited NiP coating showed an improvement of the corrosion resistance when compared to the ZE10 magnesium alloy. Using the scanning electron microscopy analysis, it was determined that the fine morphology of the deposited NiP coating did not contain visible microcavities. The absence of macrodefects due to the adequate pre-treatment before coating was reflected on the mechanism of the coated ZE10 degradation in a 0.1 M NaCl solution.