Zn–Ni plating is indispensable in various industries because of its high corrosion resistance. However, Ni has been reported to trigger allergies; thus, an alternative Ni-free plating is desired. Zn–Fe plating is considered to be a promising candidate, albeit its corrosion resistance still needs to be improved. The corrosion resistance of Zn–Fe plating is expected to increase by the addition of Mo as the third alloying element as it is more noble than Zn and Fe. In this study, Zn–Fe–Mo plating with a corrosion resistance nearly equivalent to that of the Zn–Ni plating was fabricated. Zn–Fe–Mo plating was electrically deposited from continuously agitated plating baths prepared by mixing ZnSO4, FeSO4, Na2MoO4, Na3C6H5O7, and Na2SO4 using Fe or Ni plates as the substrate. The surface morphology, composition, crystal phase, and electronic state of Mo of the platings were investigated by SEM-EDS, XRD, and XPS. The anti-corrosion performance was evaluated by Tafel extrapolation method. Formation of plating comprising a Mo containing alloy phase was found to be crucial for improving corrosion resistance. The Zn–Fe–Mo plating demonstrates promise for replacing anti-corrosion Zn–Ni platings.