Disclosed herein is a coating composition for prevention of substrate oxidation/corrosion comprising energy level modulated conjugated polymer in combination with hydrophobic, spherical molecule in a suitable ratio. Particularly the invention relates to coating composition for protecting metal and alloy comprising the derivatives of polythiophene and polyphenylene vinylene with lower energy level, wherein the pores on the polymeric film are filled/blocked with hydrophobic, spherical molecule to enhance the efficiency of polymer against the corrosion.