The invention relates to a wear-resistant and antifriction composite coating for aluminum alloy component surfaces. The coating is composed of, by weight, 13-15% of tungsten carbide powder, 18-20% of titanium diboride powder, 2.0-4.0% of cerium oxide powder, 3.0-5.0% of nickel-coated molybdenum disulfide powder and the balance nickel-base alloy powder, wherein the components are blended through adhesives and then are arranged on the aluminum alloy component surfaces in a laser cladding mode for forming the coating; in the nickel-coated molybdenum disulfide powder, the coating ratio of nickel is 71-73%; nickel-base alloy is composed of, by weight, 0.75-0.85% of C, 15-16% of Cr, 3.5-4.5% of Si, 3.0-4.0% of B, 14.5-15.5% of Fe and the balance Ni. The coating is high in wear resistance and low in friction coefficient and solves the friction and wear problems of aluminum alloy used for friction members of mechanical equipment at high loads or impact loads, the service life is prolonged, and the friction energy consumption is lowered.