Bond coats play a crucial role in the performance of thermal barrier coating systems. Ru alloys have been identified as promising candidates; therefore, systematic studies were performed on the oxidation behavior of bulk RuAl (50–50 at.%). Isothermal oxidation and thermogravimetric analyses were performed at 1100 °C for different times ranging from 0.1 h to 500 h. Microstructural characterization was performed by scanning and transmission electron microscopy. The results showed the formation of an α–Al2O3 layer on top of a δ–Ru layer. Interface instability between these layers and evaporation of gaseous Ru-oxides lead to the formation of large elongated cavities and alternating α–Al2O3/δ–Ru layers.