The invention discloses a preparation method of high-strength high-nitrogen rare earth stainless bearing steel. The preparation method comprises the processes of primary smelting, refining, vacuum degassing, casting, pressurized electroslag remelting and heat treatment. Nitride is added in the pressurized electroslag remelting process, meanwhile, the nitrogen pressure is controlled, the nitrogen content in steel is increased to 0.3%-0.5%, the nitrogen increasing process is stable, and nitrogen distribution is uniform; rare earth elements are added before nitrogen dissolving to purify molten steel, so that the stability and uniformity of the nitrogen dissolving process are further improved, and the strength of the bearing steel is effectively improved; 80-90% of rare earth elements are usedfor purifying molten steel, the rest of rare earth elements are dissolved in the molten steel for microalloying, and the toughness of the bearing steel is remarkably improved through the two parts ofrare earth elements which are matched in a labor-division mode; and in addition, the mode of combining diffusion deoxidation, vacuum deoxidation and rare earth deep deoxidation is adopted, the deoxidation effect is guaranteed, meanwhile, use of aluminum is reduced, harm of the aluminum is reduced, and the anti-fatigue performance of the steel is improved.