A two-step pack cementation process including first boronizing and then co-depositing of Si-Al-Y with different Al contents (0, 5 and 10wt%) in the packs was used to deposit oxidation-resistant coatings on TZM alloy. The as-formed coatings are MoSi2/MoB, Mo(Si,Al)2/MoB, and Mo(Si,Al)2/Mo-Al-B/MoB layered coatings respectively. Compared with the MoSi2/MoB coating, the improved oxidation-resistant performance is presented in the Mo(Si,Al)2/MoB and Mo(Si,Al)2/Mo-Al-B/MoB coatings upon oxidation at 1250°C, which should be attributed to the sluggish inward diffusion of Si into substrate and forming dense scales composed of SiO2 and Al2O3. The microstructure change and oxidation behavior of these coatings are investigated. •Mo(Si,Al)2/MoB layered coatings were prepared on TZM alloy.•Microstructures of the coatings containing different Al contents were studied.•The Al content in the coatings imposed a significant influence on their oxidation.•A sluggish inward diffusion of Si into substrate is observed in the coatings.