This study conducts a detailed analysis of high-temperature oxidation and microstructural evolution in two high-alloy Fe-based alloys, each characterized by a high-volume fraction of carbides but differentiated by their matrices − body-centered cubic (BCC) and face-centered cubic (FCC), which was achieved by the addition of nickel. By investigating the intricate interplay of factors such as phase composition, nickel content, and the presence of carbides, this research aims to elucidate the diverse oxidation kinetics and underlying mechanisms specific to each alloy type. Results show that the BCC alloy exhibits slower oxidation kinetics compared to its FCC counterpart, suggesting better performance in high-temperature environments. Moreover, while both alloys develop strong adhesive oxide scales primarily composed of Cr2O3, the FCC alloy experiences more pronounced scale spallation and cracking. A faster progression of decarburization was observed in the BCC alloy. This comprehensive comparison highlights how variations in matrix structure, along with nickel content and carbide behavior, critically influence oxidation kinetics, scale adhesion, and the overall integrity of oxide scales. Understanding these nuanced interactions is crucial for designing high-performance alloys tailored for extreme operating conditions.