Thermal spray coatings provide good tribological and corrosion-resistant properties. Coatings with carbides or diborides improve resistance to oxidation. However, depending on the thermal spray conditions some carbide and diboride oxidation takes place. The aim of this study is to analyze the oxidation of TiC or TiC+TiB2 powders embedded into a stainless steel matrix. The starting powders were obtained by Self-propagating High-temperature Synthesis (SHS). Oxidation was studied at two temperatures, 700°C and 800°C. The results aid our understanding of the powders’ behaviour during coating and use. An open electric furnace was used, and the samples were analyzed using a SEM coupled with an EDS. Thermal treatment time ranged from 2 minutes to 9 hours. A continuous oxidized layer was observed for the TiC particles. This was not the case for TiB2. The decomposition/oxidation of TiB2 begins before the oxidation of TiC. An oxidized layer of around 4 m is formed at a temperature of 800°C after 690 s, when using a powder of 45 m mean size.