The invention, belonging to the field of high-intensity alloy steel, relates to a preparation method of a Nb, Ti alloyed low-carbon high-intensity high-plasticity twinning induced plasticity (TWIP) steel. The steel comprises the following ingredients: 0.05-0.10 wt% C, 23.5-27 wt% of Mn, 0.01-0.03wt% of Si, at most 1.0 wt% of Al, at most 0.01 wt% of P, at most 0.02 wt% of S, 1.0-2.5 wt% of Nb, 0.5-1.25 wt% of Ti, 0.02 -0.08 wt% of N, and the balance consisting of Fe and inevitable impurities. The preparation method comprises the following steps: melting the ingredients and then casting into a casting blank, heating the casting blank and then carrying out hot rolling at the opening rolling temperature of 1100-1150 DEG C with multiple passes and small press quantity to obtain the accumulated deformation degree of more than 60 % at the temperature of more than 950 DEG C, processing the casting blank in a finishing rolling mode at the temperature of 850-900 DEG C, after the hot rolling, rapidly cooling to 400-550 DEG C for reeling, carrying out cold rolling on the steel plate processed by hot rolling with the thickness of 0.5-3.0 mm, preserving the steel plate processed by cold rolling at the temperature of 650-850 DEG C for 3-30 min, and then rapidly cooling to room temperature with the cooling rate of 10-50 DEG C/s. The material prepared by the method can be applied in automobile manufacturing industry. The material has the yield strength of more than 550 MPa and the elongation rate of no less than 60 %, thereby obviously improving the ability of anti-collision and impact of automobile for the first time and greatly increasing the crashworthiness indexes.