A refractory, oxidation-resistant, and corrosion-resistant protective coating for application to a substrate, in particular for application to parts of turbines or aircraft propulsion engines, is described, including a spray coating made of a thermally sprayed, primarily metallic material, the coating being at least partially subjected to a thermochemical aluminum (Cr, Si) deposition process having a specifically high aluminum deposition activity after the application of the protective coating to the substrate, in such a way that the protective coating has alloy gradients of Al (Cr, Si) which increase from the substrate surface to the coating surface and isolated globulitic metal oxide particles. Furthermore, a method for manufacturing this protective coating and its use are described.