Protic ionic liquids (PILs) have shown to be promising substances as corrosion inhibitors (CIs). In line with this, the aim of this study is to study the performance and propose the corrosion inhibition mechanism of N‐methyl‐2‐ hydroxyethylamine (M‐2HEAOL) and bis‐2‐hidroxyethylamine (B‐HEAOL) oleate, for mild steel, in a neutral chloride solution. Electrochemical characterization was conducted under static and hydrodynamic conditions, and it was revealed that M‐2HEAOL and B‐HEAOL worked as mixed‐type CIs with more interference on the anodic reaction. Inhibition efficiency depended on the concentration reaching 97% of inhibition efficiency in 5 mmol/L concentration. Scanning electron microscopy, optical interferometry, Raman spectroscopy, and Fourier‐transform infrared spectroscopy are used to elicit the chemical composition of the surface film and corrosion morphology of steel in the presence of CIs, the adsorption processes of which involved physical and chemical adsorption between metal and different parts of ionic liquids. The results allowed the proposition of a corrosion inhibition mechanism