Quaternary NiB -W-Mo coatings were deposited on AISI 1040 steel by the electroless method. Some of the specimens were heat-treated at 300, 350, 400, 450 and 500 °C, for 1 hour. The deposited coatings contained a high weight percentage of W, and a low B content was detected by energy dispersive X-ray analysis. The coatings in as-deposited state were amorphous, and heat treatment resulted in crystallization with the precipitation of borides. W and Mo were present in the coatings, mainly in a solid solution form. The surface morphology study revealed densely nodulated structures, which are pertinent for sodium borohydride reduced electroless nickel coatings. Electrochemical impedance spectroscopy studies were conducted to determine the corrosion resistance of the as-deposited and heat-treated coatings in a 3.5% NaCl electrolyte. The corroded surfaces were observed under scanning electron microscope, to study the corrosion mechanism.