The invention provides a preparation method of a Ni-based self-lubricating coating. At present, various methods for forming coatings are provided, such as spraying, laser cladding and common vacuum cladding; however, the sprayed coating is very thin and not good in bonding property or too high in residual stress, and the cladding method is either complex in process or expensive in equipment. As a result, a coating preparation method which is relatively good in mouldability, simple in process, good in equipment universality, high in surface strength and small in friction coefficient is needed urgently not. For the defects existing in the prior art, the following technical scheme is adopted: the preparation method of the Ni-based self-lubricating coating is used for sintering a Ni-based self-melting powder, a hard phase powder and a lubricating additive mixed powder on the surface of a base metal by use of a vacuum hydraulic sintering furnace. The preparation method of the Ni-based self-lubricating coating has the characteristics of excellent mouldability, simple process, good equipment universality and high surface strength of the preparation products.