<p>Hexagonal boron nitride (h-BN), a two-dimensional analogue of graphene, has recently gained widespread attention as a multifunctional and versatile coating material. The key issue is whether h-BN can surpass the limitations of conventional coatings and ensure reliable long-term stability under extreme and highly demanding conditions. In contrast to graphene, which can induce galvanic corrosion because of its conductivity, h-BN is nonconductive, chemically inert, and thermally stable, making it highly suitable for durable, long-term protective applications. Its incorporation into polymeric and inorganic coatings enhances anticorrosion and antiwear through mechanisms such as the labyrinth effect, which hinders the diffusion of corrosive agents, and in certain cases, the formation of passivating boron oxide layers that provide self-healing functionality. This review analyzes recent progress in h-BN-based coatings, focusing on vapor-deposited thin films and nanosheet-reinforced composites. Beyond corrosion protection, h-BN-based coatings also exhibit promise in flame retardancy, waterproofing, and thermal management, attributed to their hydrophobic nature and excellent overall chemical stability. Despite these advances, large-scale application is still constrained by the high cost and complexity of current synthesis approaches. Overall, this review highlights the protective mechanisms of h-BN coatings and outlines emerging opportunities and future directions for their broader and practical utilisation.</p>