This study shows that in an atmosphere containing water vapor, the oxide layer on the surface of the 9CrNB steel MarBN (Martensitic 9Cr steel strengthened by Boron and MX Nitrides) was formed by an outer layer of hematite Fe2O3 and Cr2O3 and an inner two-phase layer of Fe3O4 and Fe3O4 + (Fe, Cr)2O4, which was confirmed by XRD analysis. Part of the layer consisted of nodules and pores that were formed during the increase in oxides when the present H2O(g) acted on the steel surface. The diffusion mechanism at temperatures of 600 and 650 °C and at longer oxidation times supported the “healing process” with a growing layer of Fe oxides and the presence of Cr and minor alloying elements. The effects of alloying elements were quantified using a concentration profile of the oxide layer based on quantitative SEM analysis, as well as an explanation of the mechanism influencing the structure and chemical composition of the oxide layer and the steel-matrix–oxide interface. In addition to Cr, for which the content reached the requirement of exceeding 7.0 wt. % in the inner oxide layer, W, Co, Mn, and Si were also found in increased concentrations, whether in the form of the present Fe-Cr spinel oxide or as part of a continuously distributed layer of Mn2O3 and SiO2 oxides at the steel-matrix–oxide interface. After long-term high-temperature oxidation, coarser carbides of the M23C6 type (M = Fe,W) significantly depleted in Cr were formed at the oxide-layer/matrix interface. In the zone under the oxide layer, very fine particles of MC (M = V, Nb, and to a lesser extent also Cr in the particle lattice of the given phase) were observed, with a higher number of particles per unit area compared to the state before oxidation. This fact was a consequence of Cr diffusion to the steel surface through the subsurface zone.