Electroless Ni–B deposits have found many applications because of their unique properties. To enhance the performance of Ni–B deposit, one can add a third element and accordingly Ni–Ba–B ternary alloy synthesized and characterized for the first time. The alloy deposits of Ni–Ba–B on steel substrate are characterized for their chemical composition, microstructures, morphology, and micro-hardness by means of different instrumental techniques. Microstructural examination by FE-SEM indicated that the grains of coatings are in the form of nodule with different microstructures. The XRD experiments confirmed the simultaneous presence of amorphous and microcrystalline phases in the Ni–Ba–B deposits. Compared to Ni–B deposits, the micro-hardness and corrosion resistance of the ternary deposits are also improved.