Multifunctional coatings are coatings that perfectly respond to the external environment for offering several functions on demand by fighting against different destructive triggers via one coat layer. This study presents an overview on the development of novel cost-saving multifunctional coating system to offer both heat and corrosion resistances via blending of an expensive resin (silicon) with a cheap resin (alkyd) in the ratio of 1:4 in the presence of cation-exchanged P-zeolite. Each resin has a definite function; alkyd can offer good anticorrosive properties and silicon resin is thermally stable. The combination of both resins can help in forming new multifunctional coating system with low-cost. In this context, new heat and corrosion resistance coatings based on different resins (e.g., alkyd, silicon and their blend) having pigmentation of different zeolites (Ze), such as Na–P-Ze, Zn–P-Ze, Cu–P-Ze and (Zn.Cu)–P-Ze were prepared. The prepared coatings were characterized for heat resistance by thermal gravimetric analysis, scanning electron microscopy and thermal stability test. Corrosion resistance of these coatings was examined via immersion test and electrochemical impedance spectroscopy. The results clarified that all coated films containing (Zn.Cu)–P-Ze were the best in both heat and corrosion resistances. Additionally, the coatings performance of group III based on (alkyd–silicon 4:1) was superior.