Disclosed are a method of producing a metal composite powder by wire explosion in a liquid and a metal composite powder that is coated with a multi carbon layer. The production method includes a process of forming a first carbon layer on a surface of a metal wire consisting of a first metal, a process of forming a metal layer consisting of a second metal, which is different from the first metal, on a surface of the first carbon layer, and a process of forming a metal composite powder coated with a multi carbon layer by wire exploding the metal wire containing the first carbon layer and the metal layer formed on a surface thereof in a solution.