The invention relates to a low-cost niobium-titanium alloy electrode preparation method and a niobium-titanium alloy electrode. The niobium-titanium alloy electrode preparation method comprises the steps of material distribution, electrode block pressing, electrode assemble welding and electrode smelting. According to the low-cost niobium-titanium alloy electrode preparation method, compared witha traditional niobium-titanium alloy electrode preparation method, the raw material cost is low, the manufacturing cost is low, and the yield is high; by using the method, the length of an electrode block joint welding seam can be increased, the strength of the electrode is improved, the problem of niobium inclusion caused by block falling of a core during smelting of the niobium-titanium electrode prepared by the common titanium and titanium alloy electrode preparation method can be solved, and a cast ingot obtained after smelting of the prepared electrode is free of niobium inclusion.