The invention discloses a halogen-free phosphorus-free flame-retardant thermoplastic alloy and a preparation method thereof. The halogen-free phosphorus-free flame-retardant thermoplastic alloy is prepared from the following components in parts by weight: 50 to 70 parts of polyolefin, 25 to 40 parts of a thermoplastic elastomer, 5 to 10 parts of a compatilizer, 30 to 50 parts of calcium gluconate,10 to 15 parts of melamine cyanuric acid, 5 to 10 parts of hydrotalcite, 3 to 5 parts of zinc stannate, 0.1 to 0.5 part of an antioxidant and 3 to 5 parts of a silicone lubricant. According to the invention, the thermoplastic alloy is prepared by adding calcium gluconate; after combustion of calcium gluconate, calcium carbonate and carbon dioxide are produced, calcium carbonate can rapidly expandto form porous calcium carbonate under the action of carbon dioxide, the good flame-retardant synergistic effect is achieved, the high mechanical property and the high flame-retardant effect of the thermoplastic alloy are ensured, meanwhile, the smoke generation amount can be reduced, emission of toxic substances is effectively reduced, the environment is protected, and the mechanical property and the chemical property of the alloy are not affected.