This investigation studied the effects of rare earths (RE) and chromium on the high temperature oxidation resistance and aqueous corrosion resistance of iron base self-fluxing alloy coatings. Four coatings were prepared through smelting-atomizing and oxide-acetylene flame spraying. The properties of the coatings were evaluated by cyclic oxidation tests, weight loss experiments, electrochemical impedance spectroscopy (EIS), potentiodynamic scanning technique, scanning electron microscopy (SEM) and electron dispersive X-ray analysis (EDAX). The addition of RE greatly enhanced the oxidation resistance of the coatings. This effect was attributed to the fact that RE changed the ion diffusion patterns of the coatings in the process of scale forming, resulting in more protective scales with high adhesion. The increase of chromium content in the coatings enhanced the corrosion resistance of the coatings in nitric acid solution, but in hydrochloric acid and sulfuric acid solutions the result was reversed. Rare earth addition had a beneficial effect in sulfuric acid and nitric solutions, but in hydrochloric acid, the samples with RE had a corrosion rate slightly higher than that of the samples without RE addition. These results are explained by the effect that the addition of RE minimized the cathodic area of the coatings.