In this study, TiAlTaN/TiAlSiN multilayer is developed to combine the outstanding oxidation resistance of Ti0.34Al0.48Ta0.18N and prominent hardness and thermal stability of Ti0.56Al0.34Si0.10N coatings. The microstructure, mechanical and thermal properties of TiAlTaN/TiAlSiN multilayer and corresponding monolithic coatings were investigated. The hardness of Ti0.34Al0.48Ta0.18N, Ti0.56Al0.34Si0.10N monolithic and TiAlTaN/TiAlSiN multilayered coatings with face-centered cubic structure are 32.4 ± 0.9, 36.5 ± 0.9 and 36.7 ± 0.8 GPa, respectively. All coatings reveal age-hardening with the peak hardness values of 35.0 ± 0.6, 39.2 ± 0.7 and 39.5 ± 0.9 GPa, corresponding to the annealing temperatures of 900, 1000 and 900 °C, respectively. Furthermore, TiAlTaN/TiAlSiN multilayer proclaims the best oxidation resistance among the three coatings. After oxidation at 1000 °C for 10 h, Ti0.34Al0.48Ta0.18N and TiAlTaN/TiAlSiN reveal oxide layers of ~1.1 μm and ~0.4 μm, respectively, while Ti0.56Al0.34Si0.10N coating has been completely oxidized.