The invention discloses a lubrication and protection coating for a hot extrusion steel tube core rod and a preparation process thereof. The preparation process comprises the following steps: mixing the following components in parts by weight so as to obtain a mixture A: 30 parts of bismuth oxide, 5 parts of lead oxide, 3 parts of boron oxide, 1 part of zinc oxide, 4 parts of silicon dioxide, 1 part of aluminum oxide, 1 part of calcium oxide, 1 part of magnesium oxide, 0.5 part of titanium dioxide, 0.5 part of ferric oxide, 2 parts of potassium oxide and 3 parts of sodium oxide; melting the mixture A so as to obtain the melt, clarifying, homogenizing, and removing air bubbles; crushing the melt to form glass slag by adopting a water quenching method; adding aids, purified water and potash water glass into the glass slag, mixing to obtain a mixture B; performing ball milling on the mixture B, screening by using a 200-mesh sieve, thereby obtaining the coating. The lubrication and protection coating for the hot extrusion steel tube core rod is uniformly sprayed on the surface of the hot core rod and is firmly adhered, the lubricating coating achieves the effects of lubricating and protecting the core rod in the billet reaming process, after extrusion is finished, when the core rod is cooled, the surface glass lubricating coating can be automatically peeled off.