<p>MCrAlY alloy coatings are extensively utilized as bond coats in thermal barrier coating systems due to their excellent high-temperature properties. However, the oxidation and corrosion remain major challenges for MCrAlY coatings during high-temperature service conditions. In order to offer fresh insights into the failure mechanisms and intentionally develop strategies for enhancing the performance of MCrAlY coatings, the recent advancements in the high-temperature oxidation performance and hot corrosion resistance of MCrAlY coatings were reviewed. Initially, the oxidation behavior of MCrAlY coatings in high-temperature environments was discussed, including an analysis of the formation mechanism of thermal grown oxide, along with the influence of various coating deposition techniques, elements doping approaches, and pre-oxidation treatment on the microstructure and high-temperature oxidation resistance of the coatings. Furthermore, the hot corrosion failure modes, the evolution of microstructure and its corresponding performance of MCrAlY coatings were summarized. By highlighting the key achievements and limitations of current research progress, the prospects were also proposed, aiming to provide theoretical foundations and technical support for the optimized design and lifespan prediction of MCrAlY coatings.</p> Graphical Abstract <p></p>