A fine-grained Co-38Mn-2Dy/Co coating is deposited by using HEMAA process. The addition of Dy makes top scale obviously coarser than un-doped coating. Dy-rich oxides and oxide pegs are found in Co-38Mn-2Dy/Co coating after oxidation for 100 h. Co content gradually increase and Mn content decreases in the top scale with increasing time. ASR of Co-38Mn-2Dy/Co coating is measured to be low.