Fibers crystallize and become brittle at high temperatures for a long time, so the surface coating must maintain long-lasting emission performance, which requires superior antioxidant properties of the high-emissivity fillers. To improve the radiation performance of the coating and the tensile strength of the fiber fabric, a double-layer coating with high emissivity was prepared on the surface of flexible aluminum silicate fiber fabric (ASFF) using MoSi2 and SiC as emissive agents. The incorporation of borosilicate glass into the outer coating during high-temperature oxidation of ZrB2 results in superior encapsulation of emitter particles, effectively filling the pores of the coating and significantly reducing the oxidation rate of MoSi2 and SiC. Furthermore, the addition of an intermediate ZrO2 layer enhances the fiber bundle’s toughness. The obtained double-coated ASFF exhibits an exceptionally high tensile strength of 57.6 MPa and a high bond strength of 156.2 kPa. After being subjected to a 3 h heating process, the emissivity exhibits a minimal decrease of only 0.032, while still maintaining a high value above 0.9. The thermal insulation composites, consisting of a flexible ASFF matrix and a ZrB2-modified double-layer coating, exhibit significant potential for broad applications in the field of thermal protection.