To study the effect of γ′ phase elements on the oxidation behavior of nanocrystalline coatings, two comparable nanocrystalline coating systems were established and prepared by magnetron sputtering. The oxidation experiments of the nanocrystalline coatings on the K38G and N5 superalloys were carried at 1050 °C for 100 h, respectively. The chemical composition of the above coatings is the same as the substrate alloy, including the γ′ elements, such as Al, Ta, and Ti. After serving at a high temperature for certain periods, their oxides participated and then affected the oxidation behavior of the coatings. The Al2O3 scale can be formed on the N5 coating, which cannot be formed on the K38G coating. Tantalum and titanium oxides can be detected on the oxide scale, which ruin its purity and integrity.