The invention discloses a vertical casting and extruding composite preparation device and method of coating structure metal composite material. The device comprises a starting material blocking block,an extruding table, an extrusion female die, an extrusion male die, a casting female die and an extrusion composite cylinder, a plurality of connecting columns are arranged at the bottom of the extrusion table, the extrusion female die and the casting female die is arranged on the extrusion table, the extrusion male die is arranged in the extrusion female die, the extrusion table is provided witha discharge hole and a casting feed hole, the discharge hole corresponds to the discharge hole of the extrusion female die, the discharging hole of the casting female die is connected with the casting feeding hole, the outlet of the casting feeding hole is communicated with the discharging hole, the extruding composite cylinder is arranged at the bottom of the extruding table, the feeding port ofthe extrusion composite cylinder is communicated with the discharge hole, and a starting material blocking block is arranged at the discharge port at the bottom of the extrusion composite cylinder. The blank defect is eliminated by extruding the inner-layer blank, meanwhile, a new metal surface is generated, and the composite material which is high in surface binding force and excellent in mechanical property is obtained through subsequent extrusion composite forming.