The invention relates to a preparation method of a MCrAlY high temperature protection coating. The preparation method sequentially comprises the following steps that before plating, a base material is subject to surface scale removal and washing treatment; after vacuumizing is carried out to 5.0*10<-3> Pa, the in-furnace pressure intensity is 1.0 Pa to 3.0 Pa, the Ar gas flow is 200 sccm to 600 sccm, the back bias voltage is 500 V to 1000 V, the time is 30 min to 60 min, and glow discharge ion washing is carried out; and deposition of the MCrAlY coating is carried out, wherein the in-furnace pressure intensity is 0.8 Pa to 2.0 Pa, the Ar gas flow is 300 sccm to 500 sccm, the arc target current is 60 A to 120 A, according electromagnetic parameters, the voltage is 8 V to 50 V, the frequency is 1.0 Hz to 33.3 Hz, the permanent magnet parameter is 5000 Gs to 15000Gs, and the back bias voltage is 50 V to 200 V. According to the method, the protection coating which is good in film/base bonding force, compact in film layer, small in surface roughness, resistant to high temperature oxidation and excellent in heat corrosion resistance can be prepared on the high temperature alloy surface. The method can solve the problem that traditional arc ion plating target using rate is low, the aggregation state arc spot drop large particles are achieved, and the method is suitable for industrial production.