The invention discloses micro-carbon casting powder for high-carbon steel in square and rectangular billets and a preparation method of the micro-carbon casting powder, and belongs to the technical field of steelmaking metallurgical auxiliary materials. The invention discloses micro-carbon casting powder for the high-carbon steel in the square and rectangular billets is prepared from following rawmaterials in cluding, 40-65 parts of a special pre-melting material, 0-30 parts of wollastonite, 3-8 parts of quartz, 1-5 parts of bentonite, 0-3 parts of magnesia, 2-7 parts of albite, 2-6 parts offluorite, 1-4 parts of sodium carbonate, 1-4 parts of sodium fluoride, 1-3 parts of lithium carbonate, 2-6 parts of sodium nitrate, 0-1.5 parts of medium-carbon graphite, 0-1.5 parts of high-carbon amorphous graphite, 1-2.5 parts of superfine color black and 1.8-3.8 parts of a binding agent. The casting powder is low in carbon content, high in pre-melting ratio, not prone to generating a slag ring, capable of generating heat automatically and capable of being applied to the high carbon steel in special steel in the square and rectangular billets, capable of avoiding local recarburization of the high carbon steel in the special steel, meanwhile, low in fluorine content and capable of avoiding erosion to nozzle slag lines.