The invention discloses a high-temperature oxidation resistant wearproof Co-based alloy wire and a preparation method thereof. The high-temperature oxidation resistant wearproof Co-based alloy wire comprises the following ingredients: 13-17% of Cr, 11-15% of Ni, 10-14% of W, 2.4-4.3% of Mo, 1.2-1.6% of Al, 2.8-3.6% of Ti, 0.1-0.5% of Nb, 1.2-1.8% of Ta, 0.03-0.06% of Re, 0.01-0.05% of Ce, 0.02-0.1% of C, 0.005-0.015% of B, 0.02-0.07% of Zr and the balance of Co. The alloy preparation process route is vacuum melting-remelting-forging-hot rolling-drawing-solid solution treatment-aging treatment. Raw materials are compounded according to percentage by mass and then melted and re-melted; after that, forging and rolling are performed to obtain an alloy wire rod; multi-drawing is conducted to prepare an alloy wire of phi 0.06-0.4 mm; and finally, solid solution treatment and aging treatment are performed. Through reasonable ingredient control and adding of alloy elements, the alloy wire has high yield and excellent high-temperature wear resistance, high-temperature corrosion resistance, oxidation resistance and high strength. As a sealing brush wire material, the high-temperature oxidation resistant wearproof Co-based alloy wire has the advantages that the sealing effect can be effectively improved, and the service life is prolonged.