The pitting corrosion behavior of melt spun ribbon made at a wheel speed of 20 ms in 3.5 wt% NaCl solution and nonisothermal and isothermal oxidation behavior of 2 mm diameter rod samples of newly developed Zr58Cu22Fe4Co4Al12 bulk metallic glass have been studied. The pitting corrosion is more on the air side as compared to the wheel side mainly due to the presence of air pockets. The pitted regions are enriched with copper suggesting dealloying effect due to its noble nature. The alloy shows very good oxidation resistance compared to some of the exiting bulk metallic glass forming alloys. The oxidation leads to the formation of mainly tetragonal ZrO2 with the presence of monoclinic ZrO2, mixture of CuO and Cu2O and Al2O3. Copper in the alloy oxidized progressively with the appearance of white flowery globule shape which later forms interconnected faceted CuO network.