The present study involved preparing five novel Fe-Cr-Al alloy steels with varying Al content based on commercially available 3Cr steel. The effect of Al content on the mechanical properties and corrosion performance in a CO2-O2 coexistence environment was investigated in novel Fe-3Cr-(0–2.5)Al alloy steels, and the microhardness, impact, and tensile properties were measured and compared. The corrosion rate, corrosion product film, and corrosion mechanism were studied using a weight-loss method, microscopic characterization, and electrochemical tests. The results showed that the tensile and impact properties of Fe-Cr-Al alloy steels exhibited a decreasing trend with increasing Al content. No localized corrosion was observed at an Al content of 2 wt%, attributed to the formation of a dense amorphous corrosion product film on the material surface and pre-passivation. Among the alloy steels examined in this study, the 3Cr2Al alloy steel exhibited the most optimal balance between mechanical properties and corrosion resistance.