Ni-Fe-P alloy coating was fabricated on poplar veneer substrates by an electroless plating method. The influence of pH on coating structure, elementary composition, thickness, crystal structure, surface resistivity, and magnetism were evaluated. The results indicated that when the plating solution pH was 9.5, the Ni-Fe-P coating had a crystal structure. The coating consisted of lamellar metal particles, and the thickness increased to 111 μm. This plated veneer showed soft magnetic properties. In contrast, when the plating solution pH was 4.5, the Ni-Fe-P coating had mainly an amorphous structure. The coating consisted of spherical metal particles, and the thickness was 67 μm. After 600 °C heat treatment, this plated veneer shifted to a crystalline structure and exhibited soft magnetic properties. In two kinds of plated veneers, the lateral direction resistivity was two times greater than the longitudinal direction resistivity.