The so-called oxyfuel process is frequently considered as a promising technology for CO2 capture from the exhaust gas in fossil fuel fired power plants. The main advantage of the oxyfuel technology compared to conventional process is the composition of the flue gas which contains almost only CO2 and H2O. This allows an easy separation and compression of CO2 which is then ready for further transport and storage.In the present paper the oxidation behaviour of potentially suitable construction materials for heat exchanging components in coal fired power plants was studied in the temperature range 550-700°C. The selected materials (martensitic steels austenitic steels and Ni-base alloys) were exposed in a simulated atmosphere typical for oxyfuel combustion and the results were compared with the behaviour in a test gas simulating air firing flue gas. Additionally a set of additional corrosion tests were performed in the simulated oxyfuel gas with the addition of CO to simulate locally occurring reducing operating conditions of the power plant.The oxidation/corrosion behaviour was studied by discontinuous gravimetry in combination with a number of characterization methods such as optical microscopy scanning electron microscopy with energy dispersive x-ray analysis (SEM/EDX) glow discharge optical emission spectroscopy (GDOES) X-ray diffraction (XRD) as well as transmission electron microscopy (TEM). The obtained results are interpreted on the basis of thermodynamic considerations comparing equilibrium activities of the main species in the gas atmospheres with stabilities of various possibly forming solid and volatile corrosion products.