In view of the wear problem of key parts of magnetic fluid seal device, epoxy resin (EP) composite coatings reinforced with Fe3O4 and fly ash cenospheres (FACs) were fabricated successfully. The structural and morphological features of the fillers and the composite coatings were characterized by Fourier transform infrared and scanning electron microscopy. CFT‐I material surface performance comprehensive tester was used to investigate the tribological behaviors of the as‐prepared composite coatings. Vibrating sample magnetometer was used to investigate the coatings' magnetic property. The formation mechanism of the composite coating was analyzed by the infrared spectrum results combined with molecular dynamics simulations. The results demonstrated that adding a certain amount of double fillers will have a synergistic effect, and its mechanical properties are better than those of single fillers. The tribological property of the m‐FACs/f‐Fe3O4/EP composite coatings was optimal under magnetic fluid friction, which is about an order of magnitude lower than the wear rate under dry friction. The saturation magnetization of the m‐FACs/f‐Fe3O4/EP composite coating is 2.77 emu/g, and the magnetic susceptibility reaches 4.64 × 10−4 m3/kg. Therefore, the m‐FACs/f‐Fe3O4/EP composite coating will be expected to solve the wear problem of equipment components in complex environments of magnetic field and friction.