Oxidation of ferritic/martensitic steel P92 was investigated in pure oxygen and in pure steam at 600–800 °C by thermogravimetric analysis (TGA), optical microscopy (OM), scanning electron microscopy (SEM), and X-ray diffraction (XRD). The results showed that the oxidation of P92 was significantly enhanced and multilayer scale with an outer iron oxides layer formed in pure steam. At 700 °C, the gas switch markedly influenced the scaling kinetics and scale microstructure. It was supposed that the higher affinity of iron to steam would be attributed to the enhanced oxidation of P92 in pure steam, and the much easier transport of hydroxyl would account for the significant difference induced by gas switch.