Fe-Al/Al₂O₃ composite coating was prepared through rare earth-modified aluminizing and in-situ oxidation at 760 °C. The microstructure and phase distribution of the aluminizing layer and oxide film were investigated. Results show that the rare earth-modified aluminizing layer can be divided into three layers: an outer aluminizing layer, a transition layer, and an inner diffusion layer. The aluminizing layer is predominantly composed of FeAl phase and Fe₃Al phase. Notably, the FeAl phase is primarily concentrated in the outer layer of aluminizing layer, providing favorable conditions for selective oxidation of the Al₂O₃ oxide film. The surface of oxide film exhibits the α-Al₂O₃ ridge structure. Additionally, the presence of Ce oxide on the surface is attributed to the outward diffusion of Ce and its preferential reaction with O₂ during the initial oxidation stage. The oxide film can be divided into two layers, namely a pure α-Al₂O₃ layer and a transition layer which is mainly composed of α-Fe(Al) and mixed oxides of Al, Fe, and Ce.