In order to improve the anticorrosive performance of waterborne epoxy (WEP) coating, small amounts of polyaniline (PANI) were blended under ultrasonic irradiation to obtain PANI/WEP composite coatings with high dispersibility of PANI particles. The PANI/WEP composite coatings were characterized by Fourier transform infrared spectroscopy (FTIR) and field emission scanning electron microscopy (FESEM). Their adhesive force level and hardness grade were tested based on the Chinese National Standard GB/T9286-1998 and GB/T6739-1996, respectively. These results indicated that, compared to the pristine WEP coating, the addition of PANI with suitable content could completely fill the micropores or microcracks and remarkably improve the hardness grade of composite coatings. The electrochemical impedance spectra (EIS) and Tafel polarization curves revealed that the addition of PANI not only could increase the impedance arc, but also could increase the impedance modulus at low frequency. Then, the salt spray tests were employed to observe the anticorrosive performance of PANI/WEP composite coatings. Finally, the enhanced anticorrosive mechanism of WEP coating by the addition of small amounts of PANI was proposed and discussed. The addition of PANI with suitable content could play an important role of physical and chemical barriers to improve the anticorrosive performance of waterborne epoxy coating.