The invention provides a nickel-based alloy for a high-temperature fan shaft. The nickel-based alloy comprises the following elements of, in percentage by weight, 0.05-0.10% of C, less than or equal to 0.70% of Si, less than or equal to 0.70% of Mn, less than or equal to 0.012% of P, less than or equal to 0.008% of S, 20.0-23.0% of Cr, 0.60-1.50% of Al, less than or equal to 2.0% of Fe, 10.0-13.0%of Co, 0.20-0.60% of Ti and the balance Ni and inevitable impurities. A preparation method of the nickel-based alloy for the high-temperature fan shaft comprises the steps of raw material preparation, vacuum smelting, electroslag remelting, forging, heat treatment and bar turning. The nickel-based alloy prepared through the method has the advantages of being good in high-temperature strength, high in high-temperature corrosion resistance and high in oxidation resistance, the alloy purity is high, impurities are few, metallographic structures and chemical components are uniform, the nickel-based alloy is applied to manufacturing of the high-temperature fan shaft, and the service life of a high-temperature fan can be prolonged.