The assumptions of contemporary energy policies are increasing the share of renewable energy sources. Biomass combustion is developing as an alternative to fossil fuels. However, it faces challenges such as limited corrosion resistance of steel boiler components due to chloride compounds in flue gases and fly ash. This paper provides a comprehensive thermodynamic analysis of chloride-induced corrosion in steel in the Fe-O-Cl-Na environment, focusing on the influence of steam concentration in the gas phase. The study was performed by using the general thermodynamic rules, the thermodynamic properties of the pure components involved in the reaction, and the properties of the solutions formed in the liquid and gas phases. The study also examined the impact of alkali metal chlorides, particularly NaCl, on the formation of NaFeO2 in the passive oxide scale layer Fe3O4/Fe2O3. Furthermore, it investigated the condensation of NaCl vapour formation of low-melting eutectic mixtures in deposits and the resulting consequences on the corrosion process. The role of HCl in the chlorination and oxidation process of steel in melted ash deposits was also discussed. The presented thermodynamic analysis was compared with assumptions of an “active oxidation” model. This study can be a valuable resource for experimental research planning and a guide for preventing corrosion in industrial settings.