A new Co-base superalloy 22Co–21Ni–23Fe–29Cr–2.2Nb (Co22 for short) was developed, and the influence of a trace amount of rare earth (RE) on the oxidation resistance was investigated. Isothermal oxidation behaviour of this Co-base superalloy was investigated at 1050–1250°C in air, analyzed with scanning electronic microscopy and X-ray diffraction. The results show that oxidation mass gain of the samples with or without RE elements obeyed secondary parabolic law, and the effect of 0.03wt.% RE on oxidation resistance is small. The oxidation rate constant of the 0.03wt.% RE added Co22 alloy decreases by about 6.1% to 9.0% compared to that of the Co22 alloy without RE. Oxidation at 1050–1250°C for 100h results in the formation of MnCr2O4, Cr2O3 and SiO2. A continuous and protective MnCr2O4 spinel layer forms as outer layer. The continuous middle oxide layer is confirmed to be Cr2O3, and the innermost layer consists of discontinuous SiO2. The outer and middle layers strongly improve oxidation resistance and oxide layer adhesion because of their continuity and compactness, and the innermost SiO2 layer forms a diffusion barrier to prevent further oxidation. Formation and growth mechanisms of oxide layers were also discussed.