The invention discloses an austenitic stainless steel jacketing pipe for a lead-bismuth fast reactor and a preparation method of the austenitic stainless steel jacketing pipe. The austenitic stainless steel jacketing pipe comprises, by weight, 0.06%-0.1% of C, 0.5%-1.0% of Si, 14%-16% of Ni, 14%-16% of Cr, 0.3%-0.6% of Ti, 1.5%-2.0% of Mn, 1.2%-1.8% of Mo, smaller than or equal to 0.03% of P, smaller than or equal to 0.05% of Co, smaller than or equal to 0.05% of Al, smaller than or equal to 0.01% of B, smaller than or equal to 0.02% of N, and the balance Fe. The method for preparing the jacketing pipe through the materials includes the steps of smelting, forging, hot working, solution treatment, cold rolling and intermediate annealing, final heat treatment, final cold working, straightening, cleaning, finished product inspection, identification, packaging and the like. In the final heat treatment step, quenching is conducted in a high-pressure nitrogen cooling mode, and in the cleaning process, an acidic degreasing agent is prohibited.