The invention relates to a tool coating material and a preparation method thereof, and belongs to the technical field of material preparation and application. The material is a diamond/diamond-like composite laminated coating material with super-hard self-lubricating property. The method for preparing the diamond/diamond-like composite laminated coating material is characterized by comprising the following steps of: firstly, pretreating a matrix by using mixed solution of acid and alkali respectively; secondly, synthesizing diamond with ultrahigh hardness and good crystalline form on the matrix, which serves as the main body of the composite coating, by adopting hot filament chemical vapor deposition; and finally, depositing a high-hardness diamond-like thin film on the main body of the diamond, which serves as a self-lubricating surface layer, by using magnetic filtration cathodic vacuum arc. In order to improve the binding force between the diamond thin film and the matrix and between the diamond-like thin film and the diamond thin film, a transition layer is coated between adjacent layers respectively. The method has the advantages of simple process, precise and controllable synthesis conditions, high film-forming quality, high product yield, low cost, and the like. The obtained diamond/diamond-like composite laminated coating material has ultrahigh hardness, extremely low friction factor and extremely low wear rate, shows excellent self-lubricating friction and wear resistance, and has significance for application of tools or molds under rigorous service conditions.