Microstructure influence on corrosion behavior of an N-based tool alloy (Fe-Cr-V-N) has been studied. Electron microscopy analysis showed two types of hard phases in the alloy. One-pass mode scanning Kelvin force microscopy (KFM) was used to investigate relative nobility of the hard phases. Volta potential mapping indicates higher nobility for the hard phases than the alloy matrix, and, the V- and N-rich particles exhibit the highest Volta potential. Post-polarization analysis by SEM revealed localized dissolution initiated in matrix regions adjacent to hard phase particles, and the boundary region surrounding the Cr- and Mo-rich particles is more prone to localized corrosion.