This paper studied isothermal and thermocyclic boroaluminizing in pastes on low carbon steels (0.2 wt.% carbon) through Thermodynamic evaluation of potential reactions in Boron Carbide and aluminum saturating pastes. The microstructure, microhardness, elemental, and phase composition of the boroaluminized layer were examined. Oxidation resistance tests of boroaluminized steels, and correlation between paste composition and structure of the layers obtained was carried out. It was found that the combination of chemical and thermocyclic treatments favorably affects the formation of the boroaluminized layer coated in pastes. In particular, it provided higher aluminum content in the diffusion layer, which lead to higher oxidation resistance at high temperatures. It also is established that thermocyclic processing contributes to structure refinement of the substrate material, which has a positive effect on the mechanical properties of the base metal.