The invention discloses a preparation method of a machine tool slider by powder metallurgy. The method includes that the machine tool slider is made of, by weight percentage, 0.6-0.8% of graphite, 0.2-0.4% of silicon carbide powder, 0.4-0.6% of manganese, 0.2-0.4% of nickle, 0.2-0.4% of cerium, 0.2-0.4% of titanium, 0.4-0.6% of aluminum, 1-2% of zinc, 5-8% of copper, 1-2% of performance additive and the rest iron. By the added performance additive, superfine powder is provided in mixed raw materials and can fill gaps among large particles, so that apparent density of a mixture is improved; the superfine powder is mainly composed of nanoscale iron powder and calcium stearate, and the novel performance additive is obtained through auxiliaries like silane coupling agent, so that various physical characteristics like abrasive resistance of the machine tool slider is further improved; and polyethylene vinyl acetate and liquid paraffin serving as lubricant are added into the performance additive, so that effects, in mixing and pressing, of the performance additive are enhanced, compacting strength of a powder metallurgy structural member is substantially improved under same pressing pressure, particle combining forms and pore shapes of the raw materials are changed, and generation of cracks is avoided fundamentally.