A spectrally selective solar absorbing coating includes a multilayer stack including, from the substrate to the air interface: substrate (1), infrared reflective layer (2), barrier layer (3), composite absorbing layer (4) consisting of metal absorbing sublayer (4.1), metal nitride absorbing sublayer (4.2), and metal oxynitride absorbing sublayer (4.3), and antireflective layer (5). Therefore, the solar absorbing coating has good high and low temperature cycle stability and superior spectrum selectivity, with a steep transition zone between solar absorption and infrared reflection zones. It has a relatively high absorptance α>95%, and a low thermal emissivity ε ≤4%, PC (performance criterion) =−0.3. The solar absorbing multilayer stack can be obtained by reactively magnetron sputtering the metal target in argon or other inert gas with some amounts of gas containing oxygen or nitrogen or their combination.