The invention relates to hot dip coating alloy specially used for surface coatings of titanium alloy parts. The hot dip coating alloy consists of aluminum, silicon, zinc, rare earth elements, magnesium, copper, manganese, chromium, and reinforcing agent of particles of nano oxides, and based on the total weight of the alloy, the alloy comprises 8 to 24 percent of silicon, 1.2 to 3.1 percent of zinc, 0.02 to 0.5 percent of rare earth elements, 0.5 to 3.2 percent of magnesium, 0.05 to 0.5 percent of copper, 1.0 to 2.0 percent of manganese, 0.5 to 2.0 percent of chromium, 1 to 2 percent of reinforcing agent of particles of nano oxides, and the balance of aluminum and inevitable impurities, wherein the reinforcing agent of the particles of the nano oxides may be one or two of TiO2 and CeO2. The hot dip coating alloy produced by the method can form a coating with good corrosion resistance and wearing resistance and good metallurgical bonding property with a matrix on the surface of the titanium alloy.