Adopted the method of vacuum sintering liquid-solid phase reaction to prepare metal-ceramic coating, focused on the microstructure, phase composition and performance of the coating, which was prepared by two kinds of binding phase materials. The results showed that: the coating, obtained by reaction sintering of cobalt-boron alloy and self-molten Fe-based alloy composite binding phase, had compact structure. WC hard phase of the coating didn’t have phenomena of burning loss, decarbonization, agglomeration and growth. WC phase was completely circle-molten by γ-Co primary solid solution and γ-(Co, Fe, Ni) supersaturated solid solution. Newly generated granular and lath-shape hard phase evenly dispersed in binding phase, which increased the wear resistance of the coating substantially. The relative abrasion of ceramic-metal coating prepared by composite binding phase was nearly 50% lower than the one prepared by Fe-based binding phase.