Although iron dissolves in diluted nitric acid solutions, it does not dissolve in concentrated solutions because of surface passivation. When a small amount of water is added to a concentrated solution, the dissolution and passivation of iron occur alternately, and the amount of gaseous products generated by nitric acid reduction varies in an oscillatory manner. During the corrosion process, the corrosion potential of iron oscillates spontaneously. In this study, we investigated the factors that cause oscillations in corrosion potential through electrochemical measurements using a three-electrode system and numerical simulations. The study revealed that an N-shaped negative differential resistance characteristic of iron oxidation plays a vital role in the oscillation of the corrosion potential and, simultaneously, the reduction of nitric acid results in oscillation. We considered metal corrosion has essential factors resulting in oscillatory instability. Thus, the corrosion potentials of various metals are expected to oscillate spontaneously under the appropriate conditions.