The invention provides a wear-resistant and oxidation-resistant high-entropy alloy coating and a preparation method thereof. The alloy coating comprises, by mass, 15-21% of Fe, 15-21% of Co, 26-35% ofCr, 15-21% of Ni, 11-18% of Nb, 1-6% of Si, 0.1-1.2% of C, and 1-2% of CeO2. The coating is prepared by adopting a preset powder method and a coaxial powder feeding method. The preset powder method comprises the steps of weighing Co, Cr, Fe, FeNb, FeSi powders, FeCrC powders and CeO2 powders according to target coating components; uniformly mixing and drying at 80-150 DEG C for 1-4 hours; uniformly pre-spreading dried mixed powders on the surface of a substrate, wherein the thickness is 0.6-1.3 mm; and then laser cladding the powders on the surface of the substrate to form the wear-resistantand oxidation-resistant high-entropy alloy coating. The coaxial powder feeding method comprises the steps of firstly preparing alloy powders by adopting a smelting gas atomization method according tothe content of Co, Cr, Fe, Nb, Si and C in the coating; uniformly mixing the alloy powders with the CeO2 powders, and drying at 80-150 DEG C for 1-4 hours; putting the dried powders into a powder feeding cylinder; feeding the powders by adopting nitrogen protection; and laser cladding the powders on the surface of the substrate to form the wear-resistant and oxidation-resistant high-entropy alloycoating.