A NiCoCrAlYSiHf+NiAl composite coating was deposited onto a second-generation single-crystal superalloy Rene N5 by methods of arc ion plating and magnetron sputtering. After vacuum annealing, the composite coating exhibited a gradient distribution of elements, in which Al was enriched in outer layer and Cr was enriched in inner layer. Compared with conventional NiCoCrAlYSiHf and β-NiAl coatings, the composite coating was evaluated in isothermal and cyclic oxidation tests at 1100 °C in ambient air. The results showed that the oxidation rate of the composite coating was lower than that of NiCoCrAlYSiHf coating. Meanwhile, the extent of interdiffusion between coating and substrate in the composite coating was slighter compared with that in the β-NiAl coating. Microstructure evolutions of the composite coating after annealing and further oxidation test are investigated.