Te invention discloses a method for preparing a low-absorptance high-emissivity thermal control coating on a magnesium alloy surface through a micro-arc oxidation technology. The process flow of the method comprises detecting before oxidation, removing oil through an organic solvent, chemically removing oil, washing with hot water, washing with pure water, performing micro-arc oxidation, washing with cold water, washing with pure water, drying and packaging. In the micro-arc oxidation step, an electrolyte is composed of 10-15 g / L of sodium silicate, 2-5 g / L of potassium hydroxide, 0.5-2 g / L of sodium fluoride, 1-5 g / L of potassium hexafluorozirconate, and 1-10g / L of potassium tartrate hemihydrates; and the technology parameters comprise that the electric current density is 4-6 A / dm2, the frequency is 400-600 Hz, the duty ratio is 30-50%, the time is 60-90 min, and the temperature is 10-30 DEG C. Therefore, the obtained thermal control coating possesses the emissivity of 0.86 or more and solar absorptance of 0.35 or less, is uniform and dense, good in binding force with a matrix and good corrosion resistance.