The wear and corrosion resistance of water-based polytetrafluoroethylene (PTFE) coating need to be further improved to cope with various harsh environmental conditions. In this paper, a mulberry-like ZSM-5 molecular sieve was prepared and then was modified to enhance the uniformity, wear resistance and hardness of PTFE coating. In addition, a ZSM-5/MoS2/PTFE coating was prepared by adding MoS2 in the chemical composition of coatings, which significantly increased the critical cracking thickness of PTFE to 27 μm. The wear amount of ZSM-5/MoS2/PTFE coating is only 7.5 mg, and after 680 h of salt spray, there is no obvious corrosion on the surface. The friction coefficients under 5 N, 10 N, and 20 N loads are 0.007, 0.057, and 0.055, respectively. The experiment results show that the coating has excellent lubrication, wear resistance, and corrosion resistance, and its performance and cost are far superior to commercial products.