Emissivity-tunable metamaterials of layered refractory metal and dielectric have great potentials as a simple thermophotovoltaic (TPV) selective emitter due to its near-omnidirectional, polarization-independent, and broadband selective emissivity. However, it is known that the stability of the layered structure is limited by the oxidation of metals. While there still exists ambiguity concerning the main source of oxygen between adjacent oxide layers and external residual oxygen, most reports focus on the adjacent layers. In this report, thermal stability of a tungsten-based layered metamaterial is investigated under a high-vacuum environment with great care to reduce residual oxygen. The results show unprecedented thermal stability up to 1200 °C for 3 h without any measurable oxidation of metal. This implies that the interlayer diffusion of oxygen from adjacent oxide layers is not exclusively responsible for the oxidation of metal. At such a high temperature, the layered metamaterial theoretically yields a high convertible radiative power density of 3.04 W/cm2 with comparable spectral efficiency of 40.2%. Finally, after performing series of thermal tests under higher thermal loads, we propose a novel high-temperature degradation model for layered metamaterials, the stability of which is ultimately limited by the agglomeration of thin metal layers.