Applying protective coatings to Zr alloy cladding surfaces is one of the better methods to design fuel tolerant materials. In this study, the surface of a Zr-4 alloy was coated with Cr using high-power impulse magnetron sputtering. Furthermore, the mechanisms by which bias voltages affect the mechanical characteristics, resistance to high-temperature steam oxidation, and coating structure were elucidated. The coating exhibits a strong (200) weave structure with coarse grains at a bias voltage of -100 V. With increasing bias, the energy of deposited particles increases, grains continue to grow, (200) preferential growth orientation disappears, and the coating exhibits a (110) crystal orientation. The growth structure of the coating first shows a tendency to be dense and then loose. For the Cr coating with a (200) crystal orientation, a dense oxide layer is preferentially formed after oxidation, which can effectively block the internal diffusion of O. With increasing oxidation time, coarse Cr grains can effectively block the external diffusion of Zr. Furthermore, the Cr coating exhibiting a (110) crystal orientation was severely oxidized after oxidation, resulting in the formation of cracks at the film base; this accelerated the outward diffusion of Zr.