The invention relates to a high magnetostriction coefficient Fe-Ga based thin strip and a preparation method thereof. According to the high magnetostriction coefficient Fe-Ga based thin strip and thepreparation method thereof, slabs of die casting, slab continuous casting, thin slab continuous casting and thin strip continuous casting are adopted, and simple and efficient scale production can berealized by using traditional rolling and annealing processes; an inhibitor system of low temperature intrinsic inhibitors and nitriding is established, and heat treatment and the rolling process arecontrolled to precipitate fine Cu2S, Nb(C,N) and V(C,N) or composite precipitates thereof as main intrinsic inhibitors; when the intrinsic inhibition is insufficient, nitriding is used for supplementing and forming nitrides such as AIN or BN before the secondary recrystallization annealing to achieve flexible control of the inhibition; cold rolling parameters are fine controlled to ensure primaryrecrystallization to obtain fine and uniform organizations and favorable textures, the coordinated matching of the organizations, the textures and the inhibitors before secondary recrystallization isachieved, and perfect and sharp secondary recrystallization of texture Goss ({110}(001)) is obtained. The magnetostriction coefficient (3/2) lambda s of a Fe-Ga based thin strip finished product is ashigh as 220-370ppm.