The invention discloses a Zr modified silicide coating on a refractory metal surface. The Zr modified silicide coating comprises the following components of Ti, W, Cr, Zr, Nb and Si. The invention further discloses a preparation method of the coating. The preparation method comprises the following steps that 1, polishing, sand blasting, degreasing and acid washing are carried out on refractory metal; 2, composite suspension slurry is prepared; and 3, the slurry is placed on the refractory metal surface in advance to obtain a preset layer, then high-temperature fusion sintering is carried out to prepare the preparation method of the coating, the Zr modified silicide coating is good in compatibility with a refractory metal matrix, the coating is suitable for Nb, Nb alloy, W, W alloy, Ta, Taalloy, Mo or Mo alloy, the thickness of the coating is controllable, the coating is in metallurgical bonding with the matrix, coating can be realized on a surface of a special-shaped hot end part andan inner surface of the part, and the prepared coating can provide no less than 200h protection for the refractory metal material under the oxidation condition of 1100-1500 DEG C or provide short-timeprotection in an ablation environment.