Ni-Al composite coatings were successfully prepared on the surface of P92 ferritic heat-resistant steel by electroplating nickel and low temperature packing cementation aluminum. The anti-oxidation experiment of the composite coating was carried out at 650 °C for 132 h. The micrograph of cross section, chemical element distribution and phase transformation of the coating before and after oxidation were characterized by OM, SEM, EDS and XRD. The experimental results show that all the oxidation kinetics curves of the coatings are in accord with the parabolic law. The average oxidation rate of the composite coating without introducing Ce is 0.4412×10-6 g/(cm2·s). By contrast, the average oxidation rate of the coating with 2% CeCl3 added in the aluminizing agent is 0.2957×10-6 g/(cm2·s), which indicates that the oxidation resistance is obviously improved. However, the addition of excess CeCl3 (4%, 6%) will produce much more holes in the oxidation process and deteriorate the high-temperature oxidation resistance of the coating. In these cases, the oxidation rates of samples are higher than that with 2% CeCl3 addition. Moreover, the addition of Ce element in the coating increases the adhesion of the oxide film and has an inhibitory effect on the inward diffusion of the Al element.