The invention discloses a tungsten oxide alloy material and a preparation method thereof, and relates to the technical field of alloy materials. The tungsten oxide alloy material is composed of 0.3%-0.5% of C, 1.5%-2.0% of B, 5%-10% of Ni, 5%-10% of W, 0.5%-1.5% of La, 2.0%-2.5% of Ta, 2.0%-2.5% of Re, 2.0%-2.5% of Mo, 2.5%-5% of Ti, 1.0%-1.5% of Y, 5%-10% of K,5%-10% of V and the balance iron. According to the tungsten oxide alloy material and the preparation method thereof, due to the microalloying effect of elements such as Ni, Cr, W and Re, the wear resistance and the corrosion resistanceare greatly improved, the thermal shock resistance and the crack resistance are improved, meanwhile, the hardness is proper, machining is facilitated, the yield can be increased, and resource consumption is reduced.