High quality MCrAlY coatings were deposited by a high velocity oxy-fuel (HVOF) spraying process as a substitute for low pressure plasma spraying (LPPS). A kerosene-driven HVOF system K2 was used with NiCoCrAlTaReSiY as powder lot. The influences of the nozzle length and spraying parameters on the deposition process and coating properties were studied. The coating porosity and oxygen content were determined. The microstructure of the coating after vacuum heat treatment and high-temperature oxidation in air was observed. The distribution of Al and O in the coating was measured. The result shows that the obtained NiCoCrAlTaReSiY coatings have excellent oxidation resistance.