Cermet coatings are widely used for high-temperature industrial applications. This study investigates the effect of high-temperature oxidation on cold gas dynamic-sprayed Ni-Al2O3 coatings. For this purpose, high-temperature oxidation tests were performed at 520 and 640 °C. The selected exposure times were 24, 48, 72, 168, and 336 h. The microstructural evolution during exposure at high temperature was analyzed by scanning electron microscopy (SEM), energy-dispersive x-ray spectroscopy (EDX), and x-ray diffraction (XRD). The oxidation kinetics was estimated by thickness measurements. The results show that the coatings protect the substrates against oxidation. In order to study possible changes in the mechanical properties of the system, Vickers microhardness experiments on the coatings and on the 10CrMo9-10 steel substrates were conducted. It was observed that hardness decreased by exposing the specimens to high temperature.