The invention provides a vanadium-containing high-boron high-chromium wear-resistant alloy and a preparation method thereof, belonging to the technical field of wear-resistant materials. The alloy is characterized in that a strengthening phase is iron chromium boride and VC, the volume fraction of the strengthening phase is 15 to 40%, and chemical components of the alloy comprise, by weight, 0.10 to 0.80% of C, 0.5 to 1.5% of Si , 0.5 to 3.0% of Mn, 2.0 to 28.0% of Cr, 0.5 to 3.0% of Ni, 0.5 to 6.0% of B, 0.5 to 10.0% of V, 0.5 to 3.0% of Ti, less than 0.04% of P and less than 0.04% of S, with the balance being Fe and unavoidable impurities. The alloy provided by the invention can be directly used after electric-furnace smelting, casting forming, polishing and cleaning and removal of stress at a temperature of 200 to 650 DEG C and has the advantages of simple preparation process, low energy consumption, good strength, hardness, toughness and wear resistance, oxidation resistance, corrosion resistance, etc.