The invention discloses a silver-based multi-layer composite electrical contact material and a preparation method thereof. The silver-based multi-layer composite electrical contact material comprisesa working layer, an intermediate layer, a welding layer and a soldering layer, wherein the intermediate layer is arranged between the working layer and the welding layer, a pure silver or silver alloysoldering layer is arranged between the intermediate layer and the working layer, the material of the welding layer is cheap metal iron or iron-based alloy, the material of the intermediate layer ischeap metal copper or copper alloy, and the material of the working layer is one of AgMeO systems. The material is prepared by directional combination rolling, continuous diffusion annealing and coldrolling. Due to the presence of Cu and Fe, a large amount of silver can be saved, and the cost is substantially reduced; and the operation process has the advantages of good material consistency, highpracticability and the like and is simple and controllable, is suitable for mass production, the prepared silver-based multi-layer composite electrical contact material has the advantages of high conductivity, favorable bonding strength and weldability and can be widely applied to industry of a temperature controller, a contact is attractive in positioning, and the influence on thermal deformation of a welding piece is small.