Methanol and hydrotreated vegetable oil (HVO) are complementary in the context of achieving ultra-low emission levels via low temperature combustion. HVO is a high-quality fuel fully compatible with compression ignition engines. Standalone methanol combustion is relatively straight-forward according to the Otto principle, with a spark ignited or in conventional dual-fuel (“liquid spark”) engines. These two fuels have by far the largest reactivity span amongst commercially available alternatives, allowing to secure controllable partially premixed compression ignition with methanol–HVO emulsification. This study investigates the corrosion of aluminum, carbon steel, stainless steel, and a special alloy of MoC210M/25CrMo4+SH, exposed to different combinations of HVO, HVO without additives (HVOr), methanol, and emulsion stabilizing additives (1-octanol or 1-dodecanol). General corrosive properties are well determined for all these surrogates individually, but their mutual interactions have not been researched in the context of relevant engine components. The experimental research involved immersion of metal samples into the fuels at room temperature for a duration of 60 days. The surfaces of the metals were inspected visually and the dissolution of the metals into fuels was evaluated by analyzing the fuels’ trace metal concentrations before and after the immersion test. Furthermore, this study compared the alterations in the chemical and physical properties of the fuels, such as density, kinematic viscosity, and distillation properties, due to possible corrosion products. Based on these results, methanol as 100% fuel or as blending component slightly increases the corrosion risk. Methanol had slight dissolving effect on aluminum (dissolving Al) and carbon steel (dissolving Zn). HVO, HVOr, and methanol–HVOr–co-solvents were compatible with the metals. No fuels induced visible corrosion on the metals’ surfaces. If corrosion products were formed in the fuel samples, they did not affect fuel parameters.