The invention relates to the technical field of processing surface material through magnetron co-sputtering, in particular to a method for preparing aluminium-copper-iron quasi-crystal coating through three-target magnetron co-sputtering and the application thereof. The method is characterized in that in the magnetron co-sputtering, three target materials of an Al target, a Cu target and a Fe target are adopted for magnetron sputtering; and the technological parameters of the magnetron co-sputtering are as follows: the Al target sputtering power is 116 to 125W, the Cu target sputtering power is 12 to 13W, the Fe target sputtering power is 30 to 38W, the background vacuity is 1.5x10<-4>Pa, the working air pressure is 2.0Pa after Ar gas is charged, the substrate negative bias is -120V, the substrate temperature is 550 DEG C, and the sputtering time is 60min. Compared with the prior art, the quasi-crystal coating has high hardness, a low friction coefficient, good abrasion resistance and high temperature oxidation resistance, an even and compact structure and a high adhesive force. The magnetron sputtering method facilitates the control of the components of the alloy target material without annealing heat treatment.