The primary goal of this work was to examine the impact of heat treatment on the evolution of microstructure and mechanical properties of NASA HR-1 cold spray coatings. Coatings were produced employing a high-pressure cold spray system using N2 and He process gases and the effect of process gas and deposition temperature on the microstructure and mechanical properties of the coatings was examined. Microstructural characterization was performed using optical microscopy, scanning electron microscopy, micro X-ray computed tomography, and electron backscatter diffraction. NASA HR-1 coatings produced with He process gas exhibited improved plastic deformation and resulted in the lowest porosity compared to those deposited with N2 process gas. All coatings showed brittle failure with limited ductility in the as-deposited condition. Heat treatment of the NASA HR-1 cold spray coatings was performed at 550 °C and 950 °C for 1 h to improve the mechanical strength of the coatings. Heat treatment improved the particle bonding and enhanced the mechanical properties of the cold spray coatings. Heat treatment performed at 550 °C resulted in higher mechanical strength of coatings, whereas the heat treatment performed at 950 °C resulted in recrystallized microstructure and improved ductility of the coatings. However, heat treatment at 950 °C resulted in forming the Eta (η) phase and Ni-Ti intermetallics in all the NASA HR-1 cold spray coatings. The overall results suggest that using He as process gas contributed to reduced porosity and enhanced mechanical properties of the cold spray coatings.