The corrosion inhibition of mild steel by means of newly synthesised triazole phosphonates 3-Vanilidene amino 1,2,4-triazole phosphonate (VATP), 3-Anisalidene amino 1,2,4-triazole phosphonate (AATP) and 3-paranitro benzylidene amino 1,2,4-triazole phosphonate (PBATP) was studied along with cetyl trimethyl ammonium bromide (CTAB) in natural aqueous environment using weight loss measurement, potentiodynamic polarisation and ac impedance measurement. Surface characterisation techniques like FT-IR, XRD and EDXA were also carried out to understand the corrosion inhibition mechanism. Addition of molybdate increases the inhibition efficiency of triazole in a synergistic manner. Results from experimental observation have indicated VATP as a better corrosion inhibitor for mild steel in aqueous solution. Additionally the formulation consisting of VATP, sodium molybdate and CTAB offered good corrosion inhibition efficiency.