The invention provides carbide-containing high-strength high-toughness bainite wear-resistant steel and a preparation method thereof, and relates to the technical field of wear-resistant steel. The wear-resistant steel comprises the following chemical components: 0.6 to 1.2 percent by weight of C, 1.2 to 2.5 percent by weight of Si, 0.8 to 2.0 percent by weight of Mn, 5 to 10 percent by weight of Cr, less than or equal to 0.015 percent by weight of P, less than or equal to 0.01 percent by weight of S, 0.3 to 0.7 percent by weight of Mo, 0.3 to 0.7 percent by weight of Ni and the balance of Fe and inevitable trace impurities. The preparation method comprises the following steps of firstly smelting and casting into a cast ingot according to designed components, then forging or rolling into a plate blank, and carrying out spheroidizing annealing treatment; and finally, carrying out heat treatment through an isothermal quenching process, then heating to 850 to 950 DEG C, carrying out heat preservation for 2 to 6 hours to finish austenitizing, then cooling to 310 to 380 DEG C at a cooling speed sufficient to avoid pearlite phase change, carrying out isothermal treatment for 8 to 15 hours, then transferring to an air furnace with the temperature of 200 to 280 DEG C for isothermal treatment, and finally carrying out air cooling to room temperature. A microstructure of the prepared wear-resistant steel is as follows: a matrix is micro/nano-scale bainite ferrite and film-shaped austenite which are distributed alternately, spherical carbide with the diameter of 0.5 to 2 microns is dispersed and distributed on the matrix, the volume percentage of the spherical carbide is 7 to 12 percent, and the performance is excellent.