The invention relates to a plasma cladding metal coating with high wear resistance and corrosion resistance, and a preparation method thereof. The coating is prepared from zirconium-containing nickel-based tungsten carbide powder, wherein the zirconium nickel-based tungsten carbide-containing powder is formed by spherical tungsten carbide and a zirconium oxide-containing nickel-based alloy bindingphase; the volume percent of the spherical tungsten carbide is 30 to 40 percent; the volume percent of the nickel-based alloy binding phase is 60 to 70 percent; and the nickel-based alloy binding phase is prepared from the components in percentage by mass: 1 to 5 percent of silicon, 3 to 5 percent of boron, 5 to 10 percent of carbon, 0.5 to 1.5 percent of zirconium, 5 to 10 percent of chromium, 3to 5 percent of iron, and the balance nickel. The plasma cladding metal coating with high wear resistance and corrosion resistance, and the preparation method thereof provided by the invention have the advantages that trace amount of zirconium oxide powder is added into the nickel-based tungsten carbide powder, so that a plasma cladding metal coating is refined, fine cracks of the metal coating are reduced, the holding force of the nickel-based binding phase in the metal coating relative to tungsten carbide particles is improved, the wear resistance of the metal coating is improved, and the metal coating with high wear resistance and corrosion resistance is finally obtained.