The corrosion and wear resistance of aluminum-bronze coatings deposited by thermal flame spraying were investigated after a 10 h heat treatment at 500 °C in a nitrogen atmosphere. The coatings were characterized by SEM, EDS, XRD, and XRF. Corrosion resistance was evaluated by Tafel and EIS tests, while wear resistance was assessed using a ball-on-disc test. Results showed the heat treatment compacted the coating microstructure, increased oxide content, and improved splat bonding through diffusion mechanisms. This led to enhanced corrosion resistance, evidenced by reduced corrosion current density in electrochemical tests, resulting from densification impeding electrolyte penetration. Heat treatment also increased wear resistance, as indicated by lower wear rates in ball-on-disc tests, attributable to increased hardness, reduced friction coefficients, and annealing-induced microstructural changes. Overall, the heat treatment optimizes the anticorrosive and tribological properties of thermally sprayed aluminum-bronze coatings via favorable alterations in composition, morphology, and physical characteristics. The research provides a new understanding of how thermal spray parameters and post-deposition heat treatment can be utilized to enhance the corrosion and wear resistance of aluminum-bronze coatings for marine applications.