CrNx/Ag multilayer coatings and a comparative CrNx single layer were deposited via reactive magnetron sputtering. In multilayer coatings, the thickness of each CrNx layer was constant at 60 nm, while that of the Ag layer was adjusted from 3 to 10 nm. Microstructure of the films was characterized by X-ray diffraction and transmission electron spectroscopy. The results suggest that the film containing 3 nm of Ag layer presents a nanocomposite structure comprising fine nano-grains and quasi-amorphous clusters. With Ag layer thickness reaching 4.5 nm and above, Ag grains coalesce to produce continuous an Ag layer and exhibit (111) preferential crystallization. Hardness of the films was detected by nanoindentation and it reveals that with increasing the Ag layer thickness, the hardness continuously decreases from 30.2 to 11.6 GPa. Wear performance of the films was examined by the ball-on-disk test at 500 °C. The result suggests that the out-diffusion of Ag towards film surface contributes to the friction reduction, while the wear performance of films depends on the thickness of the Ag layer.