The nickel aluminides are commonly employed as a bond coat material in thermal barrier coating systems for the components of aeroengines operated at very high temperatures. However, their lifetime is limited due to several factors, such as outward diffusion of substrate elements, surface roughness at high temperatures, morphological changes of the oxide layer, etc. For this reason, inter-diffusion migrations were studied in the presence and absence of nickel coating. In addition, a hot corrosion study was also carried out. Thus, on one set of substrates, nickel electrodeposition was carried out, followed by a high activity pack aluminizing process, while another set of substrates were directly aluminized. The microstructural, mechanical, and oxidation properties were examined using different characterization techniques, such as SEM-EDS, optical microscopy, XRD, optical emission spectroscopy, surface roughness (Ra), and adhesion tests. In addition, the variable oxidation temperatures were employed to better understand their influence on the roughness, degree of spallation (DoS), and morphology. The results show that AISI 304L substrates do not respond to aluminizing treatment, i.e., no aluminide coating was formed; rather, a nearly pure aluminum (or alloy) was observed on the substrate. On the contrary, successful formation of an aluminide coating was observed on the nickel-electrodeposited substrates. In particular, a minimum amount of migrations were noted, which is attributed to nickel coating. Moreover, the scratch test at 10 N load revealed neither cracking nor peeling off, thereby indicating good adhesion of the aluminide coating before oxidation. The as-aluminized samples were oxidized between 700 °C to 1100 °C in air for 8 h each. The degree of spallation showed an incremental trend as temperatures increased. Likewise, oxide morphologies showed temperature dependence. On the other hand, average surface roughness (from Ra = 2.3 µm to 5.8 µm) was also increased as temperatures rose. Likewise, the mass gain showed linearity as temperatures increased during oxidation. The hot corrosion responses of electrodeposited-aluminized samples were superior among all specimens. An extensive discussion is presented based on the observations noted above.