This paper reviewed the current research status of Ni-P binary electroless plating, ternary electroless plating and electroless composite plating from the aspects of mechanical property and corrosion resistance. Surface passivation agent, complexing agent and heat treatment affect the mechanical property and corrosion resistance of binary plating on different substrates. Surface anodizing, laser surface alloying and heat treatment influence the adhesion, hardness and corrosion resistance of aluminum alloy binary plating. Anode activation and heat treatment affect the adhesion and hardness of stainless steel binary plating. Heat treatment and laser crystallization affect the wear resistance and corrosion resistance of Ni-W-P ternary plating. Ni-Mo-P ternary plating shows good corrosion resistance after heat treatment at different temperature. Rare earth metal can change the plating speed, surface quality, crystal structure and corrosion resistance of ternary electroless plating. SiC, SiO2, WC and PTFE insoluble particles can improve the hardness, wear resistance, corrosion resistance and self-lubrication of electroless composite plating. The mechanical property and corrosion resistance of ternary electroless plating and composite plating are obviously better than those of Ni-P binary electroless plating. The study of ternary electroless plating and composite plating is the direction of the research and development.