Cold gas dynamic spray (CGDS) utilizes a supersonic gas jet to accelerate fine solid powders above a critical velocity at which particles impact, deform plastically, and bond to the substrate material in the ambient environment. This process is potentially beneficial for thermal barrier coating (TBC) bond coat deposition because it would avoid oxidation of the feedstock powder that normally occurs when higher temperature thermal spray processes are employed. Therefore, there would be no prior aluminum depletion in as-deposited bond coats produced by the CGDS technique. This paper presents the oxidation behaviour of a TBC with CGDS-produced CoNiCrAlY bond coat, in comparison with TBCs with APS- and HVOF-CoNiCrAlY bond coats. Oxidation behaviors of these TBCs were evaluated in terms of microstructural evolution, kinetics of thermally-grown-oxides (TGO), as well as cracking behaviour during thermal exposure at 1050 °C.