The invention discloses a polyvinyl alcohol-polyurethane elastic buffing wheel and a preparation method of the polyvinyl alcohol-polyurethane elastic buffing wheel. The preparation method comprises the steps that firstly, polyvinyl alcohol is mixed with distilled water, and the mixture is dissolved for 20-30 minutes under the condition of 50-95 DEG C water bath and at the rotation speed of 400-600r/min to obtain a polyvinyl alcohol aqueous solution; then, the polyvinyl alcohol aqueous solution is heated up to 30-100 DEG C, grinding materials are firstly added into the polyvinyl alcohol aqueous solution, after the mixture of the grinding materials and the polyvinyl alcohol aqueous solution is stirred and mixed evenly at the rotation speed of 400-600r/min, polyurethane pre-polymers, catalysts and air hole generating agents are added, and all the components are stirred and mixed evenly at the rotation speed of 400-600r/min and react for 5-10min; solidification is conducted for 2-4h under the condition of 30-100 DEG C, and then the buffing wheel which is good in elasticity, good in water resistance, good in heat-dissipating performance and high in mechanical strength is obtained. The elastic buffing wheel is even in foam hole, good in abrasion resistance and grinding force, not prone to deforming or curling in humid environment and applicable to long-time grinding work.