The oxidation behavior of the nickel superalloy Inconel 740H was studied at 750 °C for 100, 250, 500, 1000, and 2000 h in a steam atmosphere. Microstructure observations were performed using scanning electron microscopes and scanning-transmission electron microscope. The phase identification of existing oxidation products was conducted by electron diffraction in transmission electron microscope. The obtained results showed that the microstructure of Inconel 740H was stable during the oxidation process. The kinetic data showed that the superalloy has the ability to form protective oxide layers that are characterized by good adhesion and no tendency to spallation during the test. The oxidation products were mainly composed of external and internal oxides mainly at grain boundaries. The oxides in the external layer were Cr2O3, MnTiO3,, and α-Al2O3 after 2000 h of oxidation. Internal oxides were α-Al2O3 and TiO2. The occurrence of discontinuities in the internal oxidation zone was also observed after 500 h of test. It was found that the thickness of the internal oxidation zone was greater than the thickness of the external oxide layer, which proves the strong tendency of the superalloy to form internal oxides after oxidation in the steam atmosphere.