The invention belongs to material technology, a high-temperature thermal barrier coating material and a preparation method thereof. When used at a high temperature, the conventional thermal barrier coating material is easy to undergo phase change and cause the failure of a coating. The general formula of a multi-component rare-earth high-temperature thermal barrier coating material is that: LnyLn<'>zLn<''>1-y-zMexAl12-xO19+delta, wherein Ln, Ln<'> and Ln<''> are rare earth elements such as La, Ce, Nd, Sm, Gd, Dy, Er and Yb; Me is metal elements such as Mn, Mg, Ni, Co, Sr, Ca and Ba; x is between 0 and 12; y is between 0 and 1; z is between 0 and 1; and y+z is less than or equal to 1. The preparation method comprises the following steps of: preparing mixed metal salt solution; preparing complexing agent solution; preparing mixed metal ion sol; and drying the mixture at the temperature of between 70 and 180 DEG C, and grinding and calcining the dried product to obtain the high-temperature thermal barrier coating material. The high-temperature thermal barrier coating material has the advantages of high temperature resistance, melting point of over 2,000 DEG C, high stability of high-temperature phase, no phase change from room temperature to 2,000 DEG C or higher temperature and low thermal conductivity.