The invention relates to a preparation method of a ceramic metal composite binding agent grinding wheel. The preparation method of the ceramic metal composite binding agent grinding wheel comprises the steps that (1), a liquid ceramic binding agent is prepared, specifically, a certain proportion of Al(NO3)3, H3BO3, LiNO3 and NaNO3 is dissolved in water, and then SiO2 sol is added to obtain the liquid ceramic binding agent; (2), a ceramic metal composite binding agent is prepared, specifically, diamond micro-powder and metal mixture powder are added to the liquid ceramic binding agent and mixedwell to obtain mixture slurry; (3), spray granulation is carried out, specifically, the mixture slurry obtained from the step (2) is subjected to spray granulation to prepare a molding material; and(4), sinter molding and post-processing are carried out, specifically, the molding material obtained from the step (3) is pressed and molded, sintered, trimmed and sharp fixed to obtain the ceramic metal composite binding agent grinding wheel. According to the preparation method of the ceramic metal composite binding agent grinding wheel, the microstructure consistency of the grinding wheel is improved, the phenomena of large dents, S-shaped cutting joints, burn, unstable cutting quality, uneven consumption speed, falling off of large pieces and the like caused by the prior art are solved, andmeanwhile, the grinding wheel further has higher strength and longer service life.