The invention relates to precipitation-hardened martensite stainless steel and a preparation method thereof, and belongs to the technical field of materials. The precipitation-hardened martensite stainless steel comprises, by weight, 0.14%-0.20% of C, 13.0%-16.0% of Cr, 12.0%-15.0% of Co, 4.5%-5.5% of Mo, 0.5%-2.0% of Ni, 0.40%-0.60% of V, no more than 0.5% of Mn, no more than 0.1% of Si, less than 0.01% of P, less than 0.01% of S, less than 0.01% of O, no more than 0.1% of N, and the balance ferrum. The preparation method of the precipitation-hardened martensite stainless steel comprises thesteps of material proportioning, smelting, molding by casting, forging and heat treatment. According to the precipitation-hardened martensite stainless steel and the preparation method thereof, the contents of Ni and N in the precipitation-hardened martensite stainless steel are optimized, and the content of reverted austenite is controlled through the heat treatment process, so that the best matching between the strength and tenacity of the precipitation-hardened martensite stainless steel is obtained.