Novel Ni- and Fe-based alloys are developed to impart improved mechanical properties and corrosion resistance. The designed alloys are manufactured as a powder and deposited on a steel substrate using a high-velocity oxygen-fuel process. The coating layer demonstrates good corrosion resistance, and the thus-formed passive film is beneficial because of the Cr contained in the alloy system. Furthermore, during low-temperature heat treatment, factors that deteriorate the properties and which may arise during high-temperature heat treatment, are avoided. For the heattreated coating layers, the hardness increases by up to 32% and the corrosion resistance improves. The influence of the heat treatment is investigated through various methods and is considered to enhance the mechanical properties and corrosion resistance of the coating layer.