This study uses atmospheric plasma spraying (APS) technology to prepare thermal barrier coatings (TBCs) with yttrium-stabilized zirconia (YSZ) and Yb2O3-Y2O3-co-stabilized ZrO2 (YbYSZ) materials at different spraying powers. It analyzes the differences and changes in the microstructure, thermodynamic properties, and mechanical properties of the TBCs. The CaO-MgO-Al2O3-SiO2 (CMAS) resistance of coatings was tested using thermal cycling-CMAS experiments and isothermal corrosion experiments. Compared to YSZ coatings, YbYSZ coatings have lower thermal conductivity, a higher hardness and elastic modulus, a longer lifetime under thermal cycling-CMAS conditions, and lower penetration and degradation depths. Under thermal cycling-CMAS coupling conditions, the optimal power range for the longest thermal cycling lifetime for both coatings is 39–40 kW. Overall, compared to the YSZ material, the YbYSZ material exhibits superior properties.