The invention provides a preparing method of a Tb-Dy-Ho-Fe giant magnetostrictive material. The material comprises the components of Tb1-x-yDyxHoyFez, wherein x is 0.45-0.65, y is 0.08-0.25, and z is 1.9-2.0. The preparing method comprises the steps that first, metal raw materials are mixed, electric arc melting is conducted on the metal raw materials to obtain an alloy ingot, then the alloy ingot is poured and cast, high-temperature homogenizing annealing is conducted, and a furnace is cooled to be at an indoor temperature; then, magnetic heat treatment of stress is applied under the protection of high-purity argon, and at last the tombarthite iron giant magnetostrictive material is obtained. According to the preparing method of the Tb-Dy-Ho-Fe giant magnetostrictive material, the combined action of the stress, a magnetic filed and the temperature is used for adjusting magnetic domain distribution of rod-shaped materials, magnetic domains in the material are oriented according to a certain direction, the magnetic domain structure of the material is optimized, magnetostrictive hysteresis of the material is obviously reduced, the magnetostriction and magnetic field curves are in linear relation, and saturated magnetostriction is increased.