Nickel-based (Ni-based) superalloys possess fabulous mechanical properties and high-temperature resistance in face of aggressive environments. The oxidation behavior of the Ni-based superalloys highly relies on the intrinsic material properties and oxide scale properties, which mainly depending on the complicated species and contents of the alloying elements. Various environmental parameters including atmosphere composition, temperature, stress and molten salts are the fundamental factors that directly affect the oxidation behavior of materials. A comprehensive review of the effects of alloying elements and service environment on oxidation behavior of Ni-based superalloys is presented. Aluminium, chromium and cobalt are favorable elements which can form compact and adhesive scales to protect the matrix. Titanium, molybdenum, niobium, tungsten, tantalum additions was believed to be detrimental, but recent researches have different opinions, which are listed in the article. The paper discusses the oxidation mechanism and provides an insight in future developments of Ni-based superalloys.