In current research, Ni-P-CoNiCrAlY composite coating is produced by electroless method on AISI 310 austenitic stainless steel and the effect of variables of coating bath is studied. For this aim, two types of electroless bath, with low phosphorous (pH= 6.7) and high phosphorous content (pH= 4.7) is used. Also, to study the effect of powder concentration in electroless bath, CoNiCrAlY particles has been added to the coating bath by the values of 0, 1, 2, 3 and 4 g/l. furthermore, Characteristics of the coatings were investigated by optical microscope, scanning electron microscope, XRD and EDS analysis. For each samples, the thickness of nickel-phosphorus matrix and the volume fraction of deposited particles in composite coating is determined by ImageJ software. In each pH, by increasing the particle concentration in bath, volume fraction of particles in composite coating increased, and in all concentrations, amount of co-deposition particles in pH=4.7 is more than pH=6.7 in similar concentration. Results showed that, in pH=6.7, optimal concentration of particle in coating bath is equal to 3 g/l. According to the same calculations for produced coatings in pH=4.7, optimal concentration of particle was obtained equal to 2 g/l. Stylus type profilometer is used for determining surface profile of coatings. Obtained results of roughness measurement showed that by increasing particle concentration in coating bath, surface roughness increases. Due to the higher deposition rate in pH=4.7, surface roughness of produced coating for all particle concentration in bath is more than pH=6.7. The cyclic oxidation resistance of coatings was evaluated in 900 °C during 50 hours. After each 5 hour cycle, samples were brought out from furnace and weighed by digital scale precisely. Weight changes curve for coatings surface indicates that in both pH, samples with optimal particle concentration in bath, showed a better oxidation resistance than other coatings. In order to study hot corrosion resistance of coatings, each sample surface was covered by the salts mixture (Na 2 SO 4 -25 wt. % NaCl) and were put in furnace for 50 hours in 900 °C. After each 5 hour cycle, weigh changes of each sample were determined precisely. Also in this case, coatings with optimal particle concentration in both pH, showed a better hot corrosion resistance than other produced coatings in the same pH. Keywords: MCrAlY coating, Electroless composite coating, Oxidation, Hot corrosion