The invention discloses a preparation method of high-ductility maraging steel with excellent fatigue resistance. The preparation method comprises the steps of vacuum melting, forging after structure homogenization, hot rolling after structure homogenization, quenching after structure homogenization, annealing and quenching, and finally the high-ductility maraging steel with excellent fatigue resistance is obtained. According to the method of the invention, through annealing-quenching, the austenite proportion in a material is increased, the content of intermetallic compounds is regulated and controlled, and then the fatigue resistance of the material is improved. The invention also discloses the high-ductility maraging steel with the excellent fatigue resistance prepared by the method, the Vickers hardness of the material is greatly improved, the tensile strength is high, the ductility is good, the average elongation is high, and the high-ductility maraging steel has a wide application prospect.