Ni-based superalloys exhibit exceptional mechanical properties and high-temperature resistance, making them suitable for use in aggressive environments. The oxidation behavior of Ni-based superalloys is primarily influenced by the intrinsic material properties and oxide scale properties, which are largely dependent on the complex composition and content of alloying elements. Various environmental parameters, including atmosphere composition, temperature, stress and molten salts, directly impact the oxidation behavior of materials. The effects of alloying elements and the service environment on the oxidation behavior of Ni-based superalloys were comprehensively reviewed. Aluminium, chromium and cobalt are considered as favorable elements to form compact and adherent scales that protect the matrix. The addition of titanium, molybdenum, niobium, tungsten and tantalum is traditionally believed to be detrimental. However, recent researches have presented different opinions, which were discussed. The oxidation mechanism was also explored and an insight into the future developments of Ni-based superalloys was provided.