A gold bronze alloy with high discoloration resistance and low cost and a preparation method thereof. The alloy includes the following components Mn, Al, Ni, Si, Ce, Sr, P, B, and the balance is Cu and unavoidable impurities. The preparation process includes: smelting, semi-continuous casting; hot rolling; face milling, cold rolling, intermediate annealing; cold finish rough rolling, cold finish rolling, and finished product annealing. The alloy produced by the invention has high golden degree, good discoloration resistance, excellent heat and cold processing performance, small deformation resistance, no precious metal elements, and low cost. The composition of the alloy in the invention is reasonable, and the gold degree of the alloy is improved through reasonable matching of cheap manganese, aluminum, nickel and silicon. The reasonable combination of strontium, cerium, phosphorus and silicon can improve the process performance and anti-tarnish performance. The raw material of the alloy is cheap, the production process is simple, the environment is friendly, the production cost is low, the processing performance is good, the gold degree is high, and the anti-discoloration performance is excellent in salt spray, high humidity, artificial sweat and other environments, and it is suitable for industrial production.