In this study, CrYN coatings were prepared using multi-arc ion plating at various substrate bias voltages (−50 V, −100 V, −150 V, and −200 V). X-ray diffractometry and scanning electron microscopy were used to characterize the composition and microstructure of the coatings. An electrochemical workstation and a ball-on-disk tribometer were used to investigate their corrosion and friction behavior. The results show that grain refinement can be achieved through the addition of yttrium (Y) and that the surfaces of coatings prepared under different bias voltages have varying smoothness and compactness. It was shown that surfaces prepared under −100 V bias voltages were relatively smooth and dense in structure, corresponding to a Y content of 2.83 at.%; CrYN coatings at −100 V were shown to have the highest corrosion potential and a low self-corrosion current, equating to superior corrosion resistance. Additionally, the friction coefficients of deposited CrYN coatings under bias voltages of −100 V were less than 0.2. Therefore, the coatings under bias voltages of −100 V had the minimum wear rate due to its structure, corrosion resistance, and friction.