Mild steel is a kind of material commonly used in the chemical industry and to manufacture machinery, farm tools, and other parts in order to improve the surface performance of the parts and prolong their service life. The Ni-TiN composite coating was fabricated through ultrasonic electroplating using a Ni-based sulfamic acid bath with added nano-TiN particles. The effects of three distinct current modes, direct current (DC), positive pulse current (PC), and positive–negative pulse current (PNPC), on various aspects of the coating, including surface morphology, TiN content and distribution, interface bonding strength, microhardness, friction and wear properties, as well as corrosion resistance, were investigated. The findings demonstrated that, in comparison to DC electroplating, PC electrodeposited Ni-TiN composite coatings yielded finer grains, smoother surfaces, reduced surface cracks, increased interface bonding strength, and enhanced corrosion resistance. Furthermore, PNPC electrodeposited Ni-TiN composite coatings showed higher interface bonding strength than those of PC electrodeposited Ni-TiN coatings and had the densest structure, leading to the best corrosion resistance. Pulse current electroplating enhanced the incorporation of nano-TiN particles, with a higher deposition rate observed in positive–negative pulse current electroplating compared to positive pulse current electroplating. Furthermore, the PNPC electrodeposited coating displayed improved microhardness and demonstrated the best friction and wear properties, while the DC electroplated coating displayed the least favorable performance in these aspects.