The extremely fine grain size of nanocrystalline (nc) metallic alloys results in significantly different mechanical, electrochemical and oxidation properties as compared to the coarse-grained alloys of the same composition. Although the synthesis and attractive mechanical properties of nanocrystalline materials have been investigated and reviewed in great depth, the high temperature oxidation and electrochemical corrosion of these materials has received limited attention. The difference in the active dissolution and passivation behavior of nc alloys as compared to their microcrystalline counterparts varies for each alloy system. However, a unified theory explaining these phenomena still eludes us. In this context, this article reviews the progress in the electrochemical corrosion behavior of different nanocrystalline alloys, and hence, develops a better understanding of the effect of grain size, composition, interfacial phenomena and selective dissolution on corrosion of nanocrystalline alloys. This review also presents the role of nanometric grain size and the associated increase in grain boundary diffusion on the high temperature oxidation of nc alloys. The attractive possibility of enhanced oxidation resistance at lower alloying additions as compared to the coarse-grained alloys has been discussed. Although the primary focus of the article is on ferrous alloy systems, however, the lead studies on the role of ultrafine grain size in oxidation/corrosion behavior of other alloys systems have also been reviewed.