This review explores the oxidation behavior of Titanium Carbide (TiC) and Titanium Nitride (TiN) coatings deposited by Chemical Vapor Deposition (CVD), with a focus on their industrial applications as wear-resistant coatings for cutting tools. It examines effect of process parameters—such as temperature, pressure, precursor composition, and substrate preparation—on formation and performance of TiC/TiN coatings. The review evaluates the microstructural characteristics of these coatings, including crystal structure, using X-ray diffraction analysis. Also, estimates the mechanical properties such as hardness, wear resistance, and adhesion strength. Additionally, the review covers the thermal stability of TiC/TiN coatings, emphasizing their ability to maintain structural integrity at high temperatures, which is essential for the performance of cutting tools and other industrial components. A major focus is the oxidation behavior of TiC/TiN coatings, including the impact of coating composition, deposition methods, and environmental conditions. The review details oxidation kinetics and mechanisms, revealing various stages of oxidation at different temperatures. It also examines oxide scale morphology and its effect on coating properties. Finally, this review reveals the importance of alloying elements, like silicon, in improving oxidation resistance. Composite coatings such as TiSiN and TiSiCN are shown to offer better high-temperature stability compared to traditional TiN coatings. The effects of coating thickness and the benefits of multilayer coatings for enhanced oxidation resistance are also discussed.