The invention relates to a Fe-Ga-based magnetostrictive wire and a method for preparing the same. The alloy composition (atom fraction) used in the method is Fe1-x-y-zGaxAlyMz, wherein M is selected from one or more than one of Co, B, Cr, V, Nb, Zr, Be, Y, Ti and the like; x is equal to between 0.10 and 0.30; y is equal to between 0.01 and 0.15; z is equal to between 0.000 and 0.1, and the balance is Fe. The invention makes use of a rotating water spinning method to prepare a Fe-Ga-based magnetostrictive microcrystalline or amorphous wire; and the method has the advantages of simple and convenient process, high wire-forming rate, good process repeatability and stability and the like. The wire prepared by the method has good roundness and linearity, and has higher magnetostrictive coefficient, good corrosion resistance and good mechanical property at the same time. The diameter of the prepared Fe-Ga-based magnetostrictive microcrystalline or amorphous wire is between 0.01 and 0.5 millimeter, and the amorphous wire can be made into an alloy wire with a nano-crystalline structure after heat treatment. Under a low magnetic field condition, the magnetostrictive property of the Fe-Ga-based magnetostrictive wire can reach 160 * 10<-6>.