The invention relates to a preparation method of a graphene coating with high abrasion resistance and corrosion resistance and application. The preparation method comprises the following steps that (1) oxygen-containing functional groups on the surface of graphene oxide are removed under the synergistic effect of environmental atmosphere and a catalyst to obtain reduced graphene; and (2) the graphene coating is prepared on a metal friction pair substrate through the mechanochemical action. According to the preparation method, the prepared reduced graphene is chemically bonded with the protected metal through the mechanochemical action, and then a layer of graphene coating with firm combination, uniform integrity is formed on the substrate, so that the contact between corrosion mediums andthe substrate can be effectively isolated, the corrosion resistance is excellent, and the friction coefficient of the metal surface is effectively reduced; and meanwhile, the invention further discloses the application of the prepared graphene coating with high abrasion resistance and corrosion resistance in improving metal corrosion resistance and abrasion resistance.