The invention discloses a carbon / carbon composite material ultrahigh temperature oxidation resistant coating. The coating comprises the following components, by volume, 40-60% of ZrB2, 15-25% of SiC, 15-20% of TaB2 and 10-15% of Sc2O3. In addition, the invention also provides a preparation method of the coating. According to the invention, TaB2 and Sc2O3 are added to make the melting point of an external layer oxidation product borosilicate glass be risen, the viscosity of the borosilicate glass be risen, the evaporation rate of the borosilicate glass be reduced, the oxygen dispersion coefficient of the borosilicate glass be reduced, an internal layer oxidation product ZrO2 phase be stable, the melting point of ZrO2 be risen, and the oxygen diffusion coefficient of ZrO2 be reduced, so thecoating can satisfy requirements of the ultrahigh temperature oxidation resistance of a carbon / carbon composite material, the coating can be sintered without applying a pressure through adding TaB2 and Sc2O3, the coating has the advantages of high combination strength, compactness, and good ultrahigh temperature mechanical property, and the preparation process has no damages to matrixes.