We report a study on the oxidation behavior of Al18Co30Cr10Fe10Ni32 eutectic high-entropy alloy co-doped with reactive elements (RE) Y and Hf at 1100–1300 °C. The highly stable eutectic microstructure of γ’/β phases within this alloy contributes to a low coefficient of thermal expansion, thus a low residual stress in the Al2O3 scale. The spinel with a low thickness is formed at the top of Al2O3 scale at 1100 °C due to the low Al diffusion coefficient of γ’-phase and low aspect ratio of β-phase in maze-like eutectic region. As the oxidation temperature increases, the oxidation products transition to exclusive Al2O3 at 1200 °C and 1300 °C, facilitated by the increased Al diffusion coefficient. The Al2O3 scale exhibits a dominated columnar grain microstructure at 1100–1300 °C, suggesting that the inward O diffusion plays more critical role than Al diffusion and thus leads to the low oxidation rate. Besides, the segregation of S to scale/metal interface is inhibited by the uniform RE distribution in the alloy resulting from the fine eutectic microstructure in the alloy. Overall, this alloy exhibits low residual stress in the oxide scale, slow oxidation rate, and the lack of interfacial sulfur segregation, thus contributing to its superior oxidation resistance. The strong oxidation resistance of Y-Hf co-doped Al18Co30Cr10Fe10Ni32 eutectic high-entropy alloy makes it a potential candidate for advanced oxidation-resistant alloy or coating applications.