In this study, boroaluminizing treatment was applied to obtain coatings on Inconel 718 nickel-based alloy. The microstructure of these coatings was characterized using scanning electron microscopy, electron probe microanalysis, X-ray diffraction, and other techniques. The results indicate that the boroaluminizing layer obtained at 1050 °C for 10 h is dense, with a relatively thick diffusion layer and no apparent defects. The boroaluminizing layer mainly consists of Ni3Al, Ni2Al3, Ni4B3 phases. The growth mechanism of boroaluminizing layer was also discussed. Subsequently, boroaluminized samples and Inconel 718 alloy were tested using a nanoindentation instrument, electrochemical workstation, and friction-wear testing machine. The results demonstrate that the boroaluminizing treatment significantly improves the corrosion resistance and frictional performance of Inconel 718 alloy. The surface hardness has increased by three times compared to the base material. Moreover, the predominant wear mechanisms of the samples are adhesive and abrasive wear.