In this work, the variation of tribological and corrosion performances of as-deposited and annealed CrN/CrAlN multilayer coatings on 304 stainless steel substrates deposited by the cathodic arc evaporation process was investigated. It was found that annealing resulted in the decomposition of CrN to Cr2N. Also, the surface roughness increased as the annealing temperature increased due to the coalescence of macroparticles. Thus, the wettability of annealed samples decreased as the annealing temperature increased.