This study utilized the reaction of O2/N2gases and Al0.67Ti0.33/Cr (99.9%) dual targets to synthesize (Ti,Al)ON/CrON multilayered coatings on AISI M2 steel by cathodic arc deposition system. Thermal stability and corrosion resistance of the multilayered coatings for aluminum die casting applications, along with coating structure were investigated. The results showed that the structure of multilayered coatings was a B1 NaCl type. The formation of oxide phases by introducing oxygen to react with Al, Cr, and Ti elements was confirmed by XPS. The thermal stability of oxygen-doped AlTiN/CrN coatings was higher than that of one without oxygen. After the immersion tests in Al-alloy melt, the oxygen-doped AlTiN/CrN coatings deposited at the O2/N2ratio value of 0.3 had the best improvement on the corrosion resistance among all the coated specimens.