Hard coatings are always utilized to enhance surface performances of mild steels. In this paper, Cr/NiCrN multilayer coatings were fabricated on 42CrMo steel substrates by means of arc ion plating technology to improve corrosive wear resistances of low carbon steels. The cycle periods (1, 5, 10 and 15) were manipulated by varying the sublayer deposition time, while the overall coating thickness kept basically the same. Multiple detection methods including scanning electron microscope and X-ray diffraction were used to investigate the coating microstructures. Besides, Rockwell and Vickers hardness testers as well as self-made corrosive wear apparatus were applied to evaluate the coating mechanical properties and corrosive wear performances respectively. The results clearly show that Cr/NiCrN multilayer coatings with various cycle times exhibit similar phase structures, including Ni, Cr metallic phases, CrN ceramic phase as well as a small amount of Cr2N phase. As the cycle period increases from 1 to 15, the coating adhesion is improved, and the microhardness is enhanced slightly from 882HK0.025 to 964HK0.025 as well. After wear and corrosion test for 16 h, the sample wear weight loss accounts for 12%~14% of the corrosive wear weight loss, while the corrosion weight loss accounts for 61%~77%. The Cr/NiCrN multilayer coating with 15 cycle periods reveals the best corrosion, wear and corrosive wear resistance. The coating corrosive wear resistance is improved with increasing in cycle periods. The reason is that, firstly, the multilayer structure exhibits “self-healing” effect, which could significantly reduce the numbers of penetrating corrosion channels. Secondly, Cr-NiCrN interfaces play an important role in strengthening and toughening of the coatings, as well as elongating the transmission routs of the corrosive medium during the corrosive wear experiments. As a result, the corrosive wear performance of the coated material improves as the cycle periods increases. In addition, the interactions between corrosion and wear are identified in the process of corrosion and wear experiments.