The present invention relates to an electro spark deposition process for preparing a self-lubricating coating by using sintered electrodes containing a solid lubricant. According to the method, soft metal copper is employed as the skeleton network for the coating, molybdenum disulfide or hexagonal boron nitride, etc. is used as a solid lubricant, and the solid lubricant and the soft metal is made into a composite material as the electrode by using a powder metallurgy method; and by the electro spark deposition process, the self-lubricating coating is formed on the surface of a cemented carbide or a steel substrate. Copper, which is a good solid lubricant, is synergistic with the solid lubricant to improve the self-lubricating performance. The copper fuses during the spark deposition process and forms a metallurgical type sedimentary layer firmly bounded with the substrate, wherein the solid lubricant is enveloped in the soft metal, so the self-lubricating layer has a high bonding strength, and good lubricating properties.