The invention relates to an electroplating liquid adopting nickel-cobalt tungsten sulfide nanocrystalline alloy electroplating for piston rings instead of hard chrome plating. The electroplating liquid comprises the following components according to the ratio: 100-165 g/l of nickel sulfate, 80-136g/l of cobaltous sulfate, 40-50 g/l of boric acid, 3-9 g/l of potassium chloride, 5-38 g/l of nano tungsten disulfide plating pulp, 3-5 g/l of a brightening agent and saccharin, 0.3-0.7 g/l of a wetting agent (lauryl sodium sulfate), and 20 g/l of sodium citrate. A production process of the electroplating liquid adopting nickel-cobalt tungsten sulfide nanocrystalline alloy electroplating for piston rings instead of hard chrome plating comprises the following steps: (1) checking before plating, (2) product hanging, (3) high-temperature degreasing, (4) electrolytic degreasing, (5) washing with deionized water, (6) activation with weak acid, (7) nickel preplating, (8) electroplating, (9) washing and recycling, and (10) heat treatment for removing hydrogen. Through the adoption of the electroplating liquid adopting nickel-cobalt tungsten sulfide nanocrystalline alloy electroplating for piston rings instead of hard chrome plating, and the production process of the electroplating liquid, which are provided by the invention, the overall performance and the life cycle of an electroplated layer can completely exceed those of the existing hard chrome plated layer, the environment is protected, and the energy is saved.