Degradable and high-barrier plastic packaging materials draw more attention with the development of a social economy and the demands of environmental protection. In this study, poly(propylene carbonate phthalate) (PPC-P) and poly(butylene adipate-co-terephthalate) (PBAT) blends with different ratios were designed and prepared, marked as PPC-P/PBAT. Chain extenders were introduced into the blends, and the mechanical properties, thermal properties, and barrier properties of the composites were studied. The 75PPC-P/PBAT with 2% extenders represent the best performance. The addition of the chain extender has significantly improved the thermal stability and tensile elongation of PPC-P/PBAT. On this basis, the PPC-P/PBAT composite film was coated with PVA and borax using the dipping and pulling method. The oxygen barrier properties have been further improved for the composite film with a coating layer. Considering the characteristics of biodegradability and a high-barrier property, the 75PPC-P/PBAT/2MDI@Gly blend coated with 2 wt% PVA and 3 wt% borax exhibits potential as a superior food/pharmaceutical plastic packaging material with excellent tensile and barrier properties.