The invention discloses a high wear resistance high chromium cast iron used for a bimetallic composite tube and a preparation method thereof. The high wear resistance high chromium cast iron comprises the following chemical components by weight percentage: 2.0-3.5% of C, 1.0-3.0% of Si, 0.5-1.5% of Mn, less than or equal to 0.10% of P, less than or equal to 0.05% of S, 9.0-14.0% of Cr, 0.10% of 1.0% of V, 0.10-0.30% of Ti, and the remains are Fe and ineluctable impurities. The high chromium cast iron is based on V and Ti alloyage improvement, tissue is refined, and a hard carbide is precipitated, furthermore high wear resistance is realized; by adding a few of V and Ti elements and properly adjusting the Si content, tissue state of the high chromium cast iron can be obviously improved, excellent comprehensive mechanical property can be obtained, and impact toughness and wear resistance are obviously increased. The method has the advantages of simple process and strong operationality, compared with a composite tube lined high chromium cast iron prepared by the current technology, impact toughness is better, hardness is high, and abrasion resistance performance is greatly increased.