Coating on the surface is one of the main ways to improve the corrosion resistance and wear resistance of materials. In this work, the corrosion, erosion, and wear resistance of WC–10Co4Cr coating and 27CrMoV substrate were compared by simulating the actual working conditions of the drill pipe. The simulation results show that the most serious corrosion occurred at the pipe body and the dominating erosion arose at the pipe joint closing to the inlet of the flow field. WC–10Co4Cr coating has excellent protection to 27CrMoV substrate, resulting in a 400 mV increase in corrosion potential, a two-orders-of-magnitude decrease in the corrosion current, and four times the improvement of the impedance value. The erosion resistance of the WC–10Co4Cr coating increased to more than 30% higher than that of the 27CrMoV substrate. The friction coefficient of the WC–10Co4Cr coating was much lower than that of the 27CrMoV substrate, and the wear resistance of the coating was higher than that of the substrate.