Nanostructured materials are receiving growing interest in the development of a number of commercial products. In this study, we have developed a multifunctional graphene oxide (GO) nanopaint by incorporating GO sheets in an alkyd resin with suitable non-toxic additives using ball milling. The drying mechanism of the GO nanopaint has been discussed. Intermolecular cross-linking between GO and the lipid chains in the alkyd resin was studied by Fourier transform infra red spectra, Raman spectra, and X-ray photoelectron spectra, respectively. The prepared GO nanopaint exhibited good corrosion-resistant behavior in both acidic and high-salt-content solutions as examined by the immersion and electrochemical corrosion tests. The GO nanopaint coating possesses a corrosion protection efficiency of about 76% in salt water as estimated from the linear polarization studies. The antibacterial property of the GO nanopaint coated surface was studied against three bacterial strains (Escherichia coli, Staphylococcus aureus, and Pseudomonas aeruginosa) and the results showed that GO nanopaint inhibited the bacterial growth on its surface. The in situ biofouling tests demonstrated the inhibition of fouling on the GO nanopaint surface.