Fe-based amorphous coatings are typically fabricated by high-velocity oxygen-fuel spraying using industrial raw materials. The bonding mode between the coating particles and the corrosion mechanism of the coating in the chloride-rich environment were studied. The results indicate that some fine crystallites such as α-Fe and Fe3C tend to precipitate from the amorphous matrix as the kerosene flow rate increases or the travel speed of spraying gun decreases. Moreover, some precipitates of the (Cr, Fe)2O3 nanocrystal were detected in the metallurgical interfaces of the amorphous coating. The relationship among the amorphous volume fraction, porosity, and spraying parameters, such as the kerosene flow rate and the travel speed of the spray gun, were established. Due to an oxidation effect during spraying process, atomic diffusion, crystallite precipitation and regional depletion of Cr occur in the area along the pre-deposited side near the metallurgical bonding interface, leading to the initiation of pitting. A model of pitting initiation and expansion of Fe-based amorphous coatings is proposed in this paper.