An Fe-X-C grain refiner in the technical field of metal materials and a preparation method thereof. Fe-X-C grain refiner, its composition and mass percentage are: Fe 35-99.4%, C 0.1-15%, X 0.5-50%; wherein, X is one or more of Ti, V and Nb kind. The preparation method of Fe-X-C grain refiner comprises the following steps: step 1, take Fe-C alloy, mix with metal X; Or, take pure iron and graphite, mix with metal X afterwards; The melt is melted in the furnace; in the mixture, Fe is 35-99.4%, C is 0.1-15%, and the balance is X; step 2, when the temperature of the melt is 1550-1650°C, feed argon into the melt , the time is 10s ~ 3h; Step 3, stop feeding argon, cut off the power, and get the Fe-X-C grain refiner. The grain refiner of the invention is easy to prepare; adding the grain refiner of the invention to the steel melt can refine the grains of the steel and increase the ratio of the equiaxed grain area of the as-cast structure of the billet to more than 60%.