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The implementation of coatings on industrial materials has a significant impact on their tribological, corrosion, and mechanical properties. This review examines the impact of coatings on these essential material properties, and the challenges of the implementation mechanisms are discussed. In industrial applications, coatings are essential for lowering friction, wear, and surface damage and enhancing the tribological performance of materials. The ability of several coating processes to improve the wear resistance and lubricity of materials is being investigated. Also, the study cuts across the review of literature on physical vapour deposition (PVD), chemical vapour deposition (CVD), and thermal spray coatings. Furthermore, using protective coatings can considerably increase the corrosion resistance of industrial items. The suitable coating materials and methods must be used to prevent corrosion over the long term effectively. Additionally, coatings significantly affect the mechanical qualities of industrial materials, such as toughness, strength, and hardness. Hard coatings like nitride-based coatings can considerably increase materials' surface hardness and wear resistance. Additionally, by mixing various materials with complementary qualities, tailored multilayer and composite coatings can improve mechanical capabilities. To customise coatings for particular applications, it is crucial to comprehend how coatings interact with industrial materials. Furthermore, challenges such as coating-substrate compatibility, durability, and cost-effectiveness are addressed to ensure the successful implementation of coatings in industrial applications. Overall, the review highlights the significant role of coatings in improving industrial materials’ tribological, corrosion, and mechanical properties and emphasises the need for further research and development in this field.