C-BNp/NiCrAl composite coating was deposited by cold spraying using a mechanically alloyed composite powder. To modify coating microstructure, especially the bonding at the interfaces between c-BN particles and NiCrAl alloy matrix, and bonding at the sprayed particle/particle interface, annealing treatment at series of temperatures in Ar atmosphere was carried out. The results show that a zigzag interface layer is formed at the interface between c-BN particle and NiCrAl matrix after annealing at 825°C for 300 min through reaction of c-BN with NiCrAl. It is also observed that the thickness of the interface reaction layer increases with the increasing annealing temperature. Moreover, the interface between spray particles and the plastic deformation ability of the cermet coating can be improved through post-spray annealing. Vickers microhardness test shows that the hardness decreases with increasing annealing temperature due to the reduction of work hardening effect and grain growth of NiCrAl alloy matrix resulting from recovery and recrystallization during annealing treatment.