The preparation of AlCrN/VN nano-multilayered coating with high hardness and self-lubricating properties aims to prolong the service life by improving the wear properties of cutting tools. AlCrN/VN nano multi-layer coatings with different bilayer thickness (deposited with different rpm) were deposited onto Si(100), stainless steel and cemented carbide substrates by cathodic arc ion-plating with Al70Cr30 and V targets to study the mechanical properties, sliding friction and high thermal stability. The Al:Cr atomic ratios of AlCrN coatings measured by EDS were closed to the ratio of Al70Cr30 target composition and V was about 30 at%. The microstructure of coatings was characterized by SEM, AFM, and XRD. The variation of hardness and friction properties along with the bilayer period was studied by micro-hardness test and sliding test. The oxidation test was carried out in samples with a bilayer thickness of 24 nm to investigate the hardness and friction coefficient. The compositions, thickness and phase structure were hardly affected by the bilayer thickness. The hardness was depended on the bilayer thickness and the friction coefficient decreased with increasing bilayer thickness. The maximum hardness 3970HV0.05 was obtained when bilayer thickness was 24 nm. Meanwhile, the coating also showed the smoothest surface with roughness of 33.6 nm. After oxidation, the hardness of coating with a bilayer thickness of 24 nm decreased from 1474 to 1248, 370HV0.05 as the temperature increased from 400 to 500, 700 ℃ and friction coefficient increased greatly. The addition of VN coating can reduce the hardness and friction coefficient of AlCrN coating which are affected obviously by the bilayer period. After oxidation at 400 ℃, the hardness of coating decreases dramatically, indicating the poor thermal stability.