The invention discloses a modified graphene oxide / cobalt-based composite coating and a preparation method and application thereof. The composite coating is prepared by taking cobalt, graphite or platinum mesh as an anode and a workpiece to be plated as a cathode, immersing the anode and the cathode in a composite plating solution, performing ultrasonic vibration, and performing electrodeposition on the workpiece to be plated by using pulse current, specifically, the composite plating solution per liter comprises, by volume, 30-200 g of cobalt salt, 5-80 g of phosphate, 10-60 g of boric acid, 10-50 g of a complexing agent, 0.1-1 g of surfactant, 0.1-0.5 g of modified graphene oxide, and the balance deionized water. The problems that graphene oxide has poor dispersibility and is prone to agglomeration in the composite electroplating solution are effectively solved, graphene oxide is uniformly and firmly combined in the composite coating along with electrodeposition of metal ions, and theprepared modified graphene oxide / cobalt-based composite coating has excellent lubrication and wear resistance.