The invention discloses a low-temperature sintering ceramic binding agent, a grinding wheel and a preparation method thereof, and belongs to the technical field of abrasive materials and abrasive tools. The ceramic binding agent consists of the following components in percentage by mass: 20%-25% of alumina silicate glass powder, 28%-33% of soda-lime glass powder and 44%-49% of borosilicate glass powder, wherein a softening temperature of the alumina silicate glass is 900-950 DEG C, the softening temperature of the soda-lime glass is 800-900 DEG C, and the softening temperature of the borosilicate glass is 600-700 DEG C; and the alumina silicate glass powder, the soda-lime glass powder and the borosilicate glass powder are different in strength, hardness and performance. By compounding the alumina silicate glass powder, the soda-lime glass powder and the borosilicate glass powder, the components cooperate with each other within a definitive dosage range, and performance indexes such as liquidity, strength, hardness and the like of the binding agent can be met; the dosage proportion of the components is regulated to change the sintering temperature of binding agent, so that the binding agent has an adjustable sintering temperature being 680-720 DEG C, and is suitable for various abrasive materials. The ceramic binding agent is good in retention force on the abrasive materials, is low in cost, and is suitable for industrial production and use; and raw materials are easily available.