Due to high content of carbon and poor weldability, the ultrasonic frequency induction cladding technique was utilized to fabricate Ni-based alloy coating on the substrate of gray cast irons. In order to investigate the microstructure and properties of Ni-based alloy coating, the techniques of optical microscopy (OM), backscattered electron image (BEI), X-ray diffraction (XRD) and Vickers microhardness tester were employed. And then the immersion test and potentiodynamic polarization measurement were performed to evaluate the corrosion behavior of Ni-based alloy coating. The experimental results reveal that the coating bonds metallurgically with the substrate. Due to the elemental interdiffusion between the coating and the substrate, a solid solution zone of coating is formed. The phases of γ-Ni, Ni3B, NiSi, chromium borides and carbides can be distinguished in the coating. Chromium borides and carbides are benefit for the improvement of hardness and NiSi provides good corrosion resistance.