PURPOSE: To obtain a coating alloy forming a coating layer excellent in oxidation resistance to high-temp. oxidizing atmosphere by preparing an alloy by use of specific percentage of Cr, Ni, and Fe.

CONSTITUTION: The alloy consisting of, by weight, 65W75% Cr, 2W5% Ni and the balance essentially Fe is prepared. Further, as to the inevitable impurities contained in the above alloy, the alloy may be contaminated with C, Si, Mn, P and S by ≤about 0.05%, ≤about 0.5%, ≤about 0.5%, ≤about 0.02% and ≤about 0.02%, respectively. The coating layer formed by the use of this coating alloy has superior oxidation resistance to the oxidizing atmosphere having a temp. as high as >about 1,200°C and also excels in heat resistance.