In this paper, the composition, structure, morphology and kinetics of evolution during isothermal oxidation of Fe48Cr15Mo14Y2C15B6 metallic glass powder in the supercooled region are investigated by an integrated ex-situ and in-situ characterization and modelling approach. Raman and X-ray diffraction spectra established that oxidation yielded a hierarchical structure across decreasing length scales. At larger scale, Fe2O3 grows as a uniform shell over the powder core. This shell, at smaller scale, consists of multiple grains. Ultra-small angle X-ray scattering intensity acquired during isothermal oxidation of the powder over a wide Q-range delineated direct quantification of oxidation behavior. The hierarchical structure was employed to construct a scattering model that was fitted to the measured intensity distributions to estimate the thickness of the oxide shell. The relative gain in mass during oxidation, computed theoretically from this model, relatively underestimated that measured in practice by a thermogravimetric analyzer due to the distribution in sizes of the particles. Overall, this paper presents the first direct quantification of oxidation in metallic glass powder by ultra-small angle X-ray scattering. It establishes novel experimental environments that can potentially unfold new paradigms of research into a wide spectrum of interfacial reactions in powder materials at elevated temperatures.