The invention discloses an aluminium alloy composite solder wire for arc welding and a preparation method thereof. The aluminium alloy composite solder wire comprises main materials and auxiliary materials, wherein the main materials comprise the following raw materials: 8 to 12 parts of Al, 6 to 9 parts of Si and 7 to 9 parts of Cu; and the auxiliary materials comprise the following raw materials: 5 to 7 parts of rare earth alloy, 3.5 to 6 parts of Zn, 4 to 5 parts of Mg, 2.7 to 3.8 parts of Mn, 2 to 5 parts of Ni, 4.5 to 5 parts of Ge and 3 to 5 parts of Sr. According to the invention, the aluminium alloy composite solder wire has good wetting property, ideal mechanical property and excellent shear strength, can integrate good wetting property, mechanical property and shear strength, the problem that excellent performances and advantages of solder cannot be integrated is solved, and the applicability of the solder is improved; La, Y and Ce rare earth elements are added in the formula, so that crystal grains can be refined, the distribution state of the structure is changed, the electrode potential of the solder is not changed, while the mechanical property and corrosion resistance of a soldered joint are improved; and Zn, Mg, Mn, Ni, Ge and Sr are added in the formula, and the solid-liquid phase line temperature is remarkably decreased.