The Si-HfO2/Yb2Si2O7/Yb2SiO5/(Dy0.2Ho0.2Er0.2Tm0.2Lu0.2)2Hf2O7 thermal/environmental barrier coating (T/EBC) protects ceramic matrix composites (CMCs) from turbine multi-corrosive media erosion. Challenges persist in the thermal cycling performance of multi-layered T/EBC, notably in understanding the oxidation of the Si-HfO2 bond coat, compatibility of its mixed thermally grown oxide (m-TGO) with adjacent layers, and the evolution of cracks caused by thermal cycling. Utilizing plasma spraying physical vapor deposition (PS-PVD), this T/EBC on CMC substrates withstands up to 200 hours at 1450 ℃ to 1550 ℃. The m-TGO oxidation follows a parabolic growth curve, with oxygen diffusion activation energies of 160.31 kJ/mol from 1450 ℃ to 1500 ℃, and 125.16 kJ/mol from 1500 ℃ to 1550 ℃. Thermo-mechanical calculations indicate that elastic strain energy accumulation causes interlaminar cracks between m-TGO and adjacent layers. Controlling mud crack density is key to preventing the stress attraction at the tips of bifurcated cracks, thereby avoiding the formation of interlaminar cracks.