The fabrication of nanocrystalline nickel coatings was conducted by pulse jet electrodeposition on the substrate of 45# carbon steel. The effects of average current density on the surface morphology, microstructure, average grain size and microhardness of nickel coatings were investigated by scanning electron microscopy (SEM), X-ray diffractometry (XRD) and microhardness measurement. In addition, the corrosion resistances of coating and substrate were compared. It is revealed that the nickel coatings prepared by pulse jet electrodeposition exhibit a fine-grained structure with a smooth surface and a high density, although some pores and defects are still present in coatings. With the increase of average current density, the average grain size of nickel coatings is reduced at first and then increased. The coating with the optimum compactness, the smallest average grain size (13.7 nm) and the highest microhardness are obtained at current density of 39.8 A/dm2. The corrosion resistance is obviously increased for the coatings prepared by pulse jet electrodeposition; however, the corrosion rate is increased after a certain period due to the penetration of the corrosive media.