Ni has applications in batteries, microchips, aerospace, medical equipment, power generation, and automotive industries but corrosion, erosion, and wear can destruct the surface and make it inept for the applications mentioned above. Carbonaceous reinforcements of carbon nanotubes (CNT), graphene, diamond, diamond‐like carbon, and fullerene have supplemented the performance of Ni coatings. Electrochemical (ED) and electrophoretic deposition (EPD) are widely used techniques to deposit coating. This review encompasses an overview of research progress in the domain of ED and EPD of Ni with carbonaceous reinforcements along with the influencing parameters, mechanism of deposition, description of types, and potential applications of carbonaceous reinforcements. The ample depiction on mechanical, tribological, and electrochemical properties reveals an amended hardness (610 Hv), elastic modulus (240 GPa), wear resistance (wear rate ≈2 × 10−5 mm3 N m−1) and corrosion resistance (Icorr = 0.398 µA cm−2) of Ni‐carbonaceous deposit coatings. Nonetheless, the interconnection of experimental evaluations along with the theoretical studies using first‐principles density functional theory, ab initio, and computational simulations can also deliver a new insight to structural stability, electronic properties, and interfacial mechanism of Ni‐carbonaceous coatings. Thus, this review in detail presents the correlative narration of experimental and theoretical studies of Ni‐carbonaceous depositions that provide multifunctional and prominent research direction on multifunctional coatings.