In order to improve the mechanical durability, polyurethane (PU) needs to be modified to enhance the tribological and anti-corrosion properties. In this work, we fabricated a series of PU composite coatings reinforced with functionalized graphene (FG) and functionalized graphene oxide (FGO). The structural and morphological features of the composite coatings were characterized by Fourier transform infrared spectroscopy, Raman spectroscopy, X-ray diffraction, transmission electron microscopy and scanning electron microscopy. The results showed that the dispersion and compatibility of graphene and graphene oxide were improved via chemical modification. Moreover, they effectively enhanced the tribological and anti-corrosion properties of PU composite coatings, whose optimized additive range was between 0.25 wt% and 0.5 wt%. The effect depends on the balance of lubrication and barrier of fillers and cracks generated by them. Finally, in comparison with FG/PU coatings, the FGO/PU coatings exhibited a better tribological property but worse anti-corrosion property owing to the abundant oxygenated groups of GO. They led to stronger interfacial interactions between FGO and the PU matrix, but destroyed the graphene lattice structure to some extent.