As cutting technology develops in high-speed, high efficiency, high precision, green and intelligent direction, machining makes higher demands on performance of cutting tools and coating. Quaternary hard coating represented by TiAlSiN coating is developing rapidly. In view of low toughness and low bonding strength of TiAlSiN single-layered coating, necessity of performance modification of TiAlSiN coating was put forward. Characteristics of preparation technology, structure and properties of TiAlSiN nano composite coating modified in structure, component and both were reviewed. Transverse interlayer interface in the TiAlSiN coating on nano-multilayer structure played an important role in preventing atoms diffusion, and thus improving oxidation resistance of the coating. Mechanical properties of the coating including hardness were affected by modulation layer composition, modulation cycle and other factors concerning the multi-layer structure. The effects of alloying elements such as C, Cu, Cr and V on TiAlSiN coating were introduced. C element exhibited antifriction effect in the coating. The main role of Cu element was to enhance bonding between coating and substrate. Cu, Cr and V elements decreased hardness of the coating to varying degrees. It was proposed as one of the important directions in the future to obtain optimum TiAlSiN-based multi-element coating with nano-multilayer structure by maximizing synergistic effect of adding elements and interlayer interface structure. In addition, the development direction of strengthening toughness and coating-substrate bonding strength of TiAlSiN coating based upon substrate pre-treatment and coating post-treatment of deposited was also proposed.