CrAlSiWN coating has been deposited on SKH-51 steel by multi-arc ion plating technique. An orthogonal experimental approach is employed to optimize the processing parameters, including current, bias voltage, rotating stand speed, and duty cycle. The coating exhibits superior comprehensive properties under the following conditions: 150 A of current, -50 V to -200 V of bias voltage, 2 r/min of speed, and 80% duty cycle. The microstructure, mechanical and tribological properties, thermal stability, and oxidation resistance have been investigated. The results indicate that the CrAlSiWN coating consists of an fcc-(Cr, Al) N solid solution. The hardness is approximately four times that of the substrate (3827 HV) and the adhesion strength between the coating and substrate reaches 89.20 N. Wear mechanisms primarily involve abrasive and oxidation wear with a friction coefficient of 0.478. Additionally, CrAlSiWN coating exhibits excellent thermodynamic stability until 1100 °C when annealed under vacuum conditions and a remarkable oxidation resistance with a low oxidation weight growth rate of 0.08 mg/mm2 at temperatures up to 1100 °C.