The oxidation behaviors of two high‐strength medium carbon steels with different Ni concentrations are investigated by means of differential thermal analysis equipped with thermogravimetry (TG). Four different oxidation temperatures and five oxidation times are tested. A parabolic behavior is observed for the oxide growth in both alloys; however, the relative increases in the oxidation rate from one temperature to another are not similar for both alloys, and the oxidation kinetics of the Ni‐rich steel are significantly lower than those of the low Ni alloy. On the basis of the TG results, the activation energy for the oxidation of the two alloys is determined. The influence of Ni content on the microstructure and characteristics of the different oxide layers is studied using a combination of laser confocal microscopy, electron microscopy, and X‐ray diffraction (XRD) analysis. The results revealed a clear influence of Ni on the nature and relative presence of different oxide layers. The results are interpreted in terms of the influence of Ni on the diffusion of oxygen through the oxide layer.