Electroless nickel-boron (Ni-B)-based coating is a widely utilised autocatalytic reduction technology for surface modification of complicated shapes with better physical and chemical properties, especially wear and corrosion resistance for industrial applications. In recent times, the ceramic nanoparticles such as zirconia (ZrO2) and yttria stabilised zirconia (YSZ) reinforced with standard electroless Ni–B plating utilised for thermal barrier coating on a low alloy steel substrate (AISI 4140). The influence of the ceramic reinforcement towards Ni-B matrix in tribological and electrochemical capabilities is necessary to customise this coating for specific applications. The matrix has a significant impact on the dispersion of ZrO2 and YSZ nanoparticles. The nano-composite coatings demonstrated an improvement in micro-hardness in the Ni–B matrix coating with the maximum of 1085 and 936 HV100 attained under post-heat treated conditions (400°C). Similarly, the nano-indentation shows a hardness of 18.4 GPa for Ni-B-ZrO2, which is slightly higher than Ni-B-YSZ (16 GPa). The plated Ni-B coatings exhibit a mixed amorphous / nanocrystalline structure, according to structural analyses despite the presence of nanocomposites, the post-heat treatment changes the microstructure by precipitating hard boride phases of Ni2B and Ni3B. Nanocomposite coatings have a defect-free surface morphology, Ni-B alloy has dense nodules and low porosities, ensuring the Ni-B matrix's more prominent in tribo and corrosion resistance application.