This study examines the tribological and corrosion properties of Stellite 20 alloy coatings on F310H heat-resistant stainless steel that were prepared using HVOF and HVAF supersonic flame spraying techniques. To investigate the coatings’ microstructure, phase, microhardness, wear, and corrosion resistance, a range of characterization techniques, including SEM, EDS, XRD, microhardness, and friction wear-testers, weas employed. The results indicate that both HVOF and HVAF-prepared coatings exhibit a dense structure with porosity of 0.41% and 0.32%, respectively. The coatings are composed of γ-Co solid solution, ε-Co solid solution, Cr-rich solid solution, Cr7C3, WC, and CoCr2O4 phases. The microhardness of the Stellite 20 coatings prepared by HVOF and HVAF methods was 610 HV0.3 and 690 HV0.3, respectively, which is three times higher than that of the F310H stainless steel substrate. The wear mechanism of the HVAF coating is abrasive wear, while the wear mechanism of the HVOF coating is mainly fatigue wear with slight abrasive wear. The HVAF coating demonstrates superior wear resistance due to its higher flame velocity, denser coating, and higher average microhardness. In contrast, the HVOF coating shows a higher friction coefficient stability due to its lower hardness dispersion. The corrosion potentials of the HVOF and HVAF coatings are −0.532 V and −0.376 V, respectively, with corresponding corrosion current densities of 1.692 × 10−7 A·cm−2 and 6.268 × 10−7 A·cm−2, respectively. Compared to the HVOF coating, the Stellite 20 coating prepared using HVAF technology exhibits better wear and corrosion resistance.