The effects of additive(grain refiner, GR) on process efficiency of the Ni-Fe-P alloy electrodeposition and the material properties of the deposit were investigated. Electrochemical properties of the deposits were investigated using polarization and electrochemical impedance techniques, and the material properties of the deposits were characterized through inductively coupled plasma(ICP), spiral contractometer, XRD, SEM and TEM. When the additive was added into the electrodeposition bath, current efficiency, Ni content and corrosion resistance of the deposit increased, whereas residual stress, surface roughness and grain size of the deposit decreased.