The invention discloses a low-carbon low-boron low-chromium alloy steel, and a preparation method thereof, and belongs to the technical field of alloy steel manufacturing. According to the preparationmethod, low-carbon low-boron low-chromium materials are combined with cerium rare earth, vanadium, tungsten, copper, tantalum, cobalt, niobium, and the like, technical target value determination, material preparation, melting, sampling adjusting, casting moulding, and heat treatment are carried out so as to obtain the low-carbon low-boron low-chromium alloy steel at last; the hardness is HRC42-52, the impact energy is as high as 11 to 20 joules. The preparation method is capable of guaranteeing the certain hardness of the alloy steel, and at the same time, improving the impact resistance, thetoughness, and the wear resistance greatly.