Cr3C2–25% NiCr coatings were deposited by high velocity oxy-fuel (HVOF) spraying process using two commercial powders. The microstructure of the deposited coating was characterized by scanning electron microscopy. The carbon contents in both the deposited coatings and the collected powders were characterized by chemical analysis to clarify the main mechanism controlling the carbon loss during deposition of Cr3C2–NiCr coating by HVOF spraying. The results revealed that the carbon loss in the collected powders was much lower than that in the coatings. A model involved in a solid–liquid two-phase particle deposition behavior and rebound-off of large carbide particles during splatting was proposed to explain the effect of droplet conditions including carbide particle size on the carbon loss during deposition of Cr3C2–NiCr. It was suggested that the rebound-off of larger carbide particles when the two-phase droplet impacts on the surface is main mechanism responsible for overall high carbon loss during HVOF spraying of Cr3C2–NiCr.