In this study, numerical and experimental methods were used to study the effects of cold spraying parameters on the microstructures and mechanical properties. Ansys CFD software was adopted to establish the 3D model of particle acceleration process and study the effects of gas type, temperature, pressure and powder particle size distribution on the temperatures and velocities of powder particles. Following that, CoNiCrAlY coatings were deposited on GH625 substrates by high pressure cold spray system. Optical microscopy was used to analyze the microstructures and ImageJ software was used to measure the porosity level of the CoNiCrAlY coatings. The results showed that the particle velocity and temperature increased with the increase of gas temperature. As the spraying gas pressure increased, the speed of the powder particle at the spray nozzle outlet was also higher, but the change of gas pressure had less effect on the particle temperature. Besides, the cold sprayed CoNiCrAlY coating obtained under the conditions of nitrogen and 1000 ℃ had a porosity of about 1.9% and a bonding strength of about 57 MPa. The porosity of the CoNiCrAlY coating prepared at 700 ℃ using helium gas was about 0.4%, and the bonding strength exceeded 70 MPa. The porosity of the coating after the vacuum heat treatment was slightly lower than that before the heat treatment. The Vickers microhardness of the sprayed CoNiCrAlY was about 550 HV0.3, and it was about 350 HV0.3 after vacuum heat treatment, which was significantly lower than that of as-sprayed coating.