The invention relates to the technical field of high-temperature stealth coatings, and particularly discloses a functional gradient distribution high-temperature radar and infrared compatible stealth coating and a preparation method thereof. The surface of a metal base material is coated with the high-temperature radar and infrared compatible stealth coating, and from the surface of the metal base material, the coating sequentially comprises a metal bonding layer, a thermal matching ceramic layer, a dielectric ceramic layer, a first high-temperature electromagnetic periodic structure layer, a dielectric isolation layer, a second high-temperature electromagnetic periodic structure layer and an infrared stealth layer from bottom to top. The high-temperature radar and infrared compatible stealth coating disclosed by the invention has radar and infrared compatible stealth functions, adopts a multifunctional layer structure, realizes gradient distribution of thermal expansion coefficients of the coating, can realize better thermal matching with a metal substrate, and is good in thermal shock resistance; and the softening point temperature of the selected glass phase does not exceed 600 DEG C, so the coating has the advantages of low sintering temperature and short sintering time, and can reduce the influence of oxidation, damage, deformation and the like on the metal substrate.