In this work nickel based hardfacing alloy (Colmonoy 5) was deposited on 316L (N) stainless steel substrate to study the effects of aging treatment on coating microstructure, wear and corrosion properties. Coatings, deposited through plasma transferred arc (PTA) welding process, were aged at 923K for 5000h. Microstructural characterization studies carried out by scanning electron microscopy (SEM) and transmission electron microscopy (TEM) revealed the coarsening of dendrites and precipitation of Cr23C6 particles in the aged coating. The wear behavior of the as deposited and aged coatings was compared in room temperature (RT) and high temperature (823K) under dry sliding wear condition (pin-on-disc configuration). At RT, aged coating experienced more wear loss when compared to as-deposited. At high temperature, the wear loss was almost same with similar operating wear mechanisms (tribo-oxidation) for both as-deposited and aged coating. From pitting corrosion studies, it was found that aged coatings are more prone to pitting when compared to the as-deposited coatings. © 2011 Elsevier B.V.