The invention discloses a Ti-Zr/ZrN nanometer multilayer coating cutter and a preparation process thereof. A cutter substrate is made of hard alloys or high-speed steel; the surface of the cutter substrate is provided with a ZrN high-hardness coating; a Ti transition layer is arranged between the cutter substrate and the ZrN high-hardness coating; and a multilayer structure with alternative Zr and ZrN is arranged between the Ti transition layer and the surface ZrN high-hardness coating. The specific process comprises the steps of pre-treating, carrying out ion cleaning, depositing the Ti transition layer, repeatedly depositing a Zr layer and a ZrN layer, and depositing the surface ZrN layer. The Ti-Zr/ZrN nanometer multilayer coating cutter has the high-hardness ZrN coating and ductile metal Zr, so that the higher hardness can be maintained, and simultaneously the toughness of the coating and the bonding strength between the coating and the substrate can be improved, thus the wear resistance of the coating is improved; and the preparation process is easy to grasp, and the production process is stable and reliable.