The invention discloses a high-iron content Fe-Si-B-P-Cu-Nb series amorphous and nanocrystalline alloy and a preparation method. A chemical composition expression of the alloy is FeaSibBcPdCueNbf, where a, b, c, d, e and f correspondingly represent the atomic percentages of various corresponding components of Fe, Si, B, P, Cu and Nb, and the following conditions: 85.5<=a<=86.5, 1<=b<=2, 8<=c<=9.8,2.6<=d<=4, 0<=e<=1, 0<=f<=0.55, and a+b+c+d+e+f=100 are achieved. The alloy is low in cost, a quenched state nanocrystallization soft magnetic thin band and a quenched state amorphous soft magnetic thin band can be prepared through an existing single-roller rotating quenching technology; due to adding of a little amount of the Cu and Nb elements, the amorphous forming capacity, the toughness andthe saturation magnetization strength of the alloy are improved, and the grain size of nanocrystalline is refined. The saturation magnetization strength of the quenched state nanocrystalline thin bandin the alloy reaches 1.82 T. After crystallization annealing of the amorphous thin band, the saturation magnetization strength of the nanocrystalline thin band reaches 1.84 T. The prepared amorphousand nanocrystalline alloy serves as a motor, a mutual inductor and other devices to be applicable to the fields of electric power industry transformer iron cores, inverter welding machines, new energy, wireless charging, digital, automation and the like.