In order to improve the service life of extrusion taps and reduce their wear, this paper adopted the coating-simulation technology to investigate the influence laws of tool coating type and coating thickness on extrusion torque, extrusion temperature and wear amount. The validity of the numerical simulation results is confirmed through internal thread extrusion experiments. The results showed that the extrusion torque and extrusion temperature of single-layer coating and composite coating showed a tendency of decreasing and then increasing with the increase of the coating thickness; the extrusion torque and extrusion temperature of the double-layer coating increased with the increase of the coating thickness; the wear amount of the three types of coatings increased with the increase of the coating thickness. The TiAlN single coating demonstrates the most pronounced impact on decreasing extrusion torque and temperature (3.82 N·m and 88.4 °C), resulting in a smooth extrusion process. The TiAlN–TiAlN double coating exhibits the lowest wear amount of 0.076 mm. The utilization of numerical simulation proves to be a dependable approach for evaluating the efficacy of tool coatings, and reasonable selection of coating type and thickness can effectively reduce the extrusion torque, extrusion temperature and wear amount.