A giant-magnetostrictive material is (Tb1-x-yDyxRy)(Fe1-z-pBe2Mp)g, where R is chosen from Ho, Er, Pr and Nd, M is chosen from Ti, V, Cr, Co, Ni, Mn, Si, Ga and Al, x=0.65-0.80, y=0-0.15, and g=1.75-2.55. Its preparing process includes smelting mother alloy in Ar atmosphere in vacuum furnace, growing oriented crystallizing material in vacuum or inert gas, and heat treating in vacuum furnace. Its advantages are high magnetostrictive strain ratio, good low-field performance, and low cost.