Slurry‐derived coatings are an interesting alternative method to pack aluminization of nickel‐base superalloys, which provide similar properties and protection at high temperatures. For highest performance, these aluminide coatings are modified by the addition of Pt or, as recent research suggests, with Pt/Ir. While the combination of Pt and Pt/Ir with an out‐of‐pack process is state of the art, slurry coatings are of special interest as a repair method for turbine blades. In this study, the microstructural evolution of slurry‐derived coatings manufactured on CM 247 in inert atmosphere as well as in air was investigated. Layers of Ni, Pt, and Pt/Ir mixtures were electrodeposited. After annealing, a diffusion heat‐treatment with a slurry containing aluminum or aluminum–silicon powder was applied on the samples. The addition of silicon is well known to be beneficial for hot corrosion environments. The reaction and interdiffusion behavior of aluminum/aluminum–silicon determines the microstructural evolution of the coatings. Depending on the initial electroplated layer on the surface, different microstructures can be obtained, such as the Pt/Ir‐modified beta phase (Ni,Pt)Al or two‐phase layers of PtAl2 and NiAl. Additionally, the reactivity between the elements at the surface and those from the slurry was shown to determine homogeneity and surface roughness of the diffusion coating, also depending on the atmosphere used during slurry aluminization. Finally, it was demonstrated that iridium has a high influence on the diffusion behavior and especially the distribution of platinum in the coatings. Such new coatings have the potential to overcome some disadvantages of conventionally manufactured high‐activity aluminide coatings, as the combination of Pt/Ir‐electroplating with the slurry process results in less detrimental substrate elements like molybdenum or tungsten close to the surface.