Overaluminizing is a commercially accepted treatment to enhance high temperature oxidation resistance of MCrAlY overlay coatings. In the current investigation, a low pressure plasma-sprayed CoNiCrAlY coating was aluminized by two different growth modes: outward growth and inward growth. The resultant microstructures were characterized by means of scanning electron microscopy, energy dispersive spectroscopy, and X-ray diffraction analysis. The results showed that the final microstructure of both types of overaluminized coatings was similar and included Al-rich NiAl and Ni-rich NiAl zones from the top to the bottom. The details of the microstructures are discussed and compared with the results of simple aluminizing of the nickel-based substrate.