In the Cold Spray process, the sprayed particles are in solid state, and unlike thermal spray, the effect of the coating erosion by reflected particles can play a more significant role. This paper is an attempt of modeling the process of the Cold Spray coating formation taking into account the influence of the erosion process. The objective was to study the kinetics of the coating formation. Using an analytical approach, equations of the coating formation process are obtained. The approach is based on a comparison of the effect of particle adhesion to the coating combined with the effect of coating erosion. Adhesion and erosion are taken into account by introducing some probability values of these processes.