The invention discloses a high-strength and high-toughness cast steel resistant to abrasion and corrosion in high temperature and used for an incinerator fire grate and a preparation method thereof. The high-strength and high-toughness cast steel resistant to abrasion and corrosion in high temperature and used for the incinerator fire grate comprises, by weight percentage, 0.18%-0.42% of C, 0.8%-2.0% of Si, 0.5%-1.2% of Mn, 15%-25% of Cr, 0-0.015% of P, 0-0.01% of S, 1.5%-3.5% of Al and 0.005%-0.02% of RE. When C is smaller than 0.25% and Cr is smaller than 20%, the high-strength and high-toughness cast steel further comprises 0.05%-0.25% of Nb and 0.05%-0.25% of Ti. The high-strength and high-toughness cast steel is prepared by the steps of sorting, smelting, refining, deoxidation, modification fining, casting and the like. The cast steel has the good casting molding performance and machining performance, high strength, good ductility and toughness, superior abrasion and corrosion resistance in high temperature, low production cost and long service life, and is especially suitable for large mechanical reciprocating grates of municipal refuse incinerators in China.