The invention relates to a corrosion-resistant and wear-resistant coating magnet and a fabrication method thereof. The fabrication method of the coating magnet comprises the following steps of (1) taking a first magnet which is suitably and highly magnetized but is not magnetized, and uniformly absorbing polytetrafluoroethylene powder onto a surface of the first magnet by an electrostatic absorption method to obtain a second magnet; (2) heating the second magnet under a temperature not smaller than 280 DEG C so that the polytetrafluoroethylene powder absorbed onto a surface of the second magnet is molten to form a compact and uniform coating layer so as to obtain a third magnet; and (3) magnetizing the third magnet by a strong magnetic field after the third magnet is cooled to a room temperature, thereby obtaining the corrosion-resistant and wear-resistant coating magnet. By the fabrication method, the problem of high-temperature demagnetization of the magnet is overcome. The coating magnet obtained by the fabrication method has the characteristics of excellent corrosion resistance, high-temperature resistance and wear resistance, and the application of the coating magnet in the field of magnetic impurity detection is promoted.