Ni-B-Mo alloy coating layers are developed on steel substrates with various coating bath compositions to investigate the significance of bath parameters on coating characteristics. The as-deposited coatings are characterized based on surface roughness, coating thickness, surface morphology, and phase structure through Surface Roughness Tester, Scanning Electron Microscopy (SEM), and X-ray Diffraction (XRD), respectively. Tribological behaviour of the coated layers is investigated through a pin-on-disc multi-tribo tester under dry condition. Surface hardness and elastic modulus are measured through nano-indentation tests. The scratch-hardness of the coatings is measured using a micro-scratch tester. Coating characteristics are determined and the significance of each coating bath parameter is analysed. It is found that the coating thickness increases with bath parameter concentration level due to increase in borohydride concentration. The increase in molybdenum concentration increases the surface roughness (Ra) from 0.28 µm to 1.05 µm and forms coarse grained surface morphology with some visible cracks leading to increase in COF value from 0.24 to 0.77. Nano-hardness and scratch hardness are found to decrease with the addition of molybdenum into the Ni-B matrix though nano-hardness (Hv) value increases from its minimum value of 530 to 971 due to the increase in boron concentration. The elastic modulus value is found to vary from 83 GPa to 197 GPa but no such specific trend may be observed with the variation of bath composition.