Conditions were determined in which an active anodic dissolution of tungsten is observed in a borongluconate electrolyte used to obtain Co–W coatings (pH ~6.5) and the nature of critical currents of transition to the passivation was found, which makes it possible to use the tungsten anode as a soluble electrode. The anodic dissolution of tungsten occurs under these conditions with a current efficiency of 90–100%, which, in contrast to the case of a graphite anode, does not lead to an additional oxidation of the electrolyte components and polymerization in solution; in combination with the decrease in the concentration of tungstate ions, this reduces the electrolyte performance. It was shown that the use of a soluble tungsten anode in obtaining nanocrystalline cobalt–tungsten coating can improve the electrolyte performance due to the rise in the current efficiency of electrodeposition and to the increase in the microhardness of the coatings in comparison with the case of an insoluble graphite anode.