Nanocrystalline NbMoVCr refractory multi-principal element alloys coatings are fabricated by magnetron sputtering technology to improve lead-bismuth eutectic (LBE) corrosion resistance of structural materials, and their corrosion behavior in oxygen-saturated liquid LBE at 600 and 650 °C has been investigated. The coatings exhibit good phase structural stability even at 650 °C exposure. Moreover, the coatings show promising LBE corrosion resistance with parabolic oxidation rate constant 3–5 orders of magnitude lower than other candidate steels (such as 316 L, HT9, T91, SIMP, CLAM, etc.) which is due to the formation of protective (CrV)2O3 solid solution layer. The oxidation process of the coating is mainly dominated by kinetic factors, including diffusion driving force (related to LBE solubility) and diffusion energy barrier (related to atomic radius). By the way, at the grain boundaries with much lower oxygen potential, thermodynamic factors dominate the oxidation process, and V with the highest oxygen activity shows evidence of selective oxidation.