Iron-nickel (Fe-Ni) alloys are of great commercial interest as they possess low thermal expansion, soft magnetic and wide spectrum of physical properties. The effects of current density, pH and bath composition on the coating appearance, composition, hardness, corrosion resistance, morphologies and magnetization were studied. Special emphasis was given to investigate the effect of complexing agents on the properties and the anomalous nature of the electrodeposited Fe-Ni alloy coatings. It was observed that the addition of complexing agents suppressed the anomalous characteristics of the electrodeposited Fe-Ni alloy. The results also demonstrated the high corrosion resistant property of alloy. Further, the highest saturation magnetization was seen 131.13 emu/g, which is close to the acceptable limit for industrial application. Thus, Fe-Ni alloy electrodeposition technologies can extend tremendously potential to provide coatings that require unique mechanical, chemical, high corrosion resistant and magnetic properties.