In this work, hydrophobic and corrosion behavior of multi-walled carbon nanotube (MWCNT) reinforced Ni-5 g/l MoSe2 composite coatings on Ni substrate, synthesized by versatile single pot electro-codeposition process from a solution containing 0.1, 0.5 and 1 g/l of CNT, were compared with pure Ni coating as well as Ni-5 g/l MoSe2 coating without CNT. All the composite coatings showed excellent hydrophobicity as compared to the pure Ni coating due to the rough surface along with codeposition of low surface energy materials, such as MoSe2 and MWCNT, in the coating matrix. All the coatings showed improved anti-corrosion behavior as compared to the Ni substrate, and the coating with MoSe2 and MWCNT further improved the corrosion resistance. Maximum corrosion resistance of the 0.1 g/l MWCNT reinforced Ni-5 g/l MoSe2 coating among all the coatings could be attributed to the preferred atomically dense (111) plane, lowest lattice strain value, super-hydrophobic surface and higher amount of MWCNT codeposition.