The invention relates to a nickel-based welding electrode which comprises the following component by weight percent (wt%): 50.0-68.0% of Ni, 18.0-23.0% of Cr, 6.0-11.0% of Mo, 3.0-6.0% of Nb, 2.50-9.00% of Fe, 0.01-0.1% of C, 0.10-1.00% of Mn, 0.010-0.10% of Si, 0.015% of S or less, 0.015% of P or less, 0.01-0.10% of Cu, 0.003-0.010% of Co and the balance of impurities. The coat of the nickel-based welding electrode comprises the following components by weight percent of the welding core: 12-18% of marble, 10-15% of fluorite, 12-18% of barium carbonate, 5.0-6.4% of rutile, 3.5-5.0% of ferroniobium, 3.3-4.5 of chromium metal powder, 0.45-0.65% of sodium carbonate, 0.45-0.65% of electrolytic manganese and 1.3-1.8% of zircon sand, and the adhesion agent is 10-20% of the total weight of the power. The nickel-based welding electrode is prepared by mixing, wrapping mixture on the welding core and baking at low and high temperature. The nickel-based welding electrode disclosed by the invention is used for nickel-chromium-molybdenum alloy steel welding, ensures that the excellent mechanical properties, the excellent corrosion resistance, the excellent thermal crack resistance and the hightensile strength of the welding seam match with those of the base material, has good welding process performance, guarantees attractive molding and can be used for the welding of the steel (with 9% of Ni) working at low temperature.