It is of great interest to overcome the problem of high-temperature oxidation of press-hardened steels (PHS) in press hardening with a cost-effective Cr alloying strategy. Therefore, since Cr is one of the expensive metals, the effect of Cr (Cr ≤ 3 wt%) content on the oxidation resistance of Cr–Si–Mn alloyed steels was investigated. It was found that Cr–Si–Mn alloyed PHS with a Cr content of about 1.5 wt% or less cannot form a continuous Cr2O3 layer during press hardening. However, when the Cr content reaches around 2.5 wt%, the PHS shows excellent oxidation resistance due to the formation of continuous Cr2O3 and amorphous SiO2 layers, as well as an Mn-rich oxide layer. However, further addition of 0.5 wt% could not significantly improve the oxidation resistance of this PHS. Moreover, the increase in Cr content simultaneously enhances the positive role of Si and Mn in high-temperature oxidation resistance. This work provides new insights into the design of the next generation of PHSs with economical and superior performance.