The oxidation behavior of chromium (Cr) and chromium-aluminum (CrAl) coatings with various compositions deposited on Zircaloy-2 to 700 °C high-temperature steam (HTS) exposure has been investigated. CrAl coatings with higher Al compositions demonstrate lower oxidation weight gain. A layer of γ-alumina developed on the CrAl coatings with Al composition over 43 at%, while Al2O3 and Cr2O3 developed on CrAl coatings with Al composition below 33 at%. Oxidation of Zircaloy-2 substrate was inhibited by the 1um coatings to 20 h HTS exposure. Coating constituent elements diffused into the substrate and formed intermetallic phases with the Zircaloy substrate. Thicker layers of intermetallic phases developed on the coatings with higher Al composition. The intermetallic phases included Fe and Ni, indicating the dissolution of second phase particles (SPPs) during HTS exposure.