A series of oxidation experiments were carried out on these novel γ/γ′-strengthened cobalt-based alloys of the systems Co–9Al–10W and Co–9Al–10W–0.02X (X = La, Ce, Dy, Y) at 900 °C. The appropriate amounts’ addition of rare earth elements leads to improved oxidation properties at 900 °C, especially La elements show the best oxidation resistance (129.008 mg/cm2). However, the base Co–9Al–10W alloy shows the worst oxidation performance (151.544 mg/cm2). Multilayer oxide layers formed during the oxidation process, the outer were mainly CoO and Co3O4 oxides, and the middle layer contained complex oxides (containing Co, Al, and W). The inner layer consists of little discontinuous oxides, included few Al2O3 oxides. There existed a different crack width and the base alloy had the widest crack. Moreover, there exists a phase transformation (γ/γ′ to γ/Co3W) at the interface between oxide film and substrate.