The microstructures, phase compositions, and high-temperature oxidation behavior of a NiCrAlY coating fabricated by arc ion plating were investigated by scanning electron microscopy (SEM), energy dispersive spectrometer (EDS), atomic force microscope (AFM), and X-ray diffractometer (XRD). The results indicate that the NiCrAlY coating was covered by a protective Al2O3 scale with excellent oxidation resistance after oxidation at 1050 °C for 100 h; the β phase rich in Al in the as-deposited coating was transformed into a γ/γ’ phase; the interdiffusion zone (IDZ), secondary reaction zone (SRZ), and needle-like TCP phases were detected in the superalloy substrate beneath the coating.