In this study, a method of preparing a Ni-P-nanoPTFE composite coating on the surface of GCr15 steel for spinning rings is proposed. The method incorporates a defoamer into the plating solution to inhibit the agglomeration of nano-PTFE particles and pre-deposits a Ni-P transition layer to reduce the possibility of leakage coating. Meanwhile, the effect of varying the PTFE emulsion content in the bath on the micromorphology, hardness, deposition rate, crystal structure, and PTFE content of the composite coatings was investigated. The wear and corrosion resistances of the GCr15 substrate, Ni-P coating, and Ni-P-nanoPTFE composite coating are compared. The results show that the composite coating prepared at a PTFE emulsion concentration of 8 mL/L has the highest concentration of PTFE particles (up to 2.16 wt%). Additionally, its wear resistance and corrosion resistance are improved compared with Ni-P coating. The friction and wear study shows that the nano-PTFE particles with low dynamic friction coefficient are mixed in the grinding chip, which gives the composite coating self-lubricating characteristics, and the friction coefficient decreases to 0.3 compared with 0.4 of Ni-P coating. The corrosion study shows that the corrosion potential of the composite coating has increased by 7.6% compared with that of the Ni-P coating, which shifts from −456 mV to a more positive value of −421 mV. The corrosion current reduces from 6.71 μA to 1.54 μA, which is a 77% reduction. Meanwhile, the impedance increased from 5504 Ω·cm2to 36,440 Ω·cm2, which is an increase of 562%.