The present investigation demonstrates renewable cardanol based polyol for the formulation of nanocomposite polyurethane (PU) coatings. The functional and structural features of cardanol polyol and nanoparticles were studied by FT-IR and 1H NMR spectroscopic techniques. The magnetic hydroxyapatite nanoparticles (MHAP) were dispersed in PU formulations to develop nanocomposite anticorrosive coatings. The amount of MHAP in PU formulations was varied from 1-5%, increase the percentage of MHAP increases the anticorrosive performance as examined by immersion and electrochemical methods. The nanocomposite PU coatings shows good coating properties viz., gloss, pencil hardness, flexibility, cross-cut adhesion and chemical resistance. Additionally, the coatings also studied for surface morphology, wetting, and thermal properties by scanning electron microscope (SEM), contact angle, and thermogravimetric analysis (TGA), respectively. The hydrophobic nature of PU coatings increased by addition of MHAP and optimum result (1050) was observed in 3% loading. The developed coatings revealed hydrophobic nature with excellent anticorrosive performance.