An ablation resistant coating with self-transpiration cooling effect was prepared on the surface of aluminum alloy by dilution effect of high speed laser cladding. The coatings mainly contain ablation resistant phases ZrB2 and SiC, and low-melting phases Al and Al3.21Si0.47. The ablation property of coatings was investigated at different heat fluxes (35.39, 70.77, 106.16, 141.54) MW⸱m−2. The mass ablation rate increased gradually, and the morphology of ablation region changed significantly with the increased heat flux. The self-transpiration cooling effect of coatings was studied by phase, morphology, and element distribution of ablation region. The self-transpiration cooling effect weakened the oxidation behavior of ZrB2 and SiC at heat fluxes of 35.39 and 70.77 MW⸱m−2 and protected the coating from being exhausted when the heat fluxes were 106.16 and 141.54 MW⸱m−2.