The invention discloses a high-temperature self-lubricating material for manufacturing bearings and a preparation method thereof. The high-temperature self-lubricating material comprises, by weight, 1%-5% of barium fluoride, 1%-10% of graphite, 1%-10% of molybdenum disulfide, 10%-20% of copper, 40%-50% of alloy powder and 40%-55% of iron powder. The preparation method includes: (1) alloy raw materials are mixed fully on a V-shaped mixing machine; (2) mixed liquid of water and sodium stearate is added and mixed evenly; (3) drying is performed; (4) the mixture is shaped by pressing of a mould; and (5) sintering is performed. The high-temperature self-lubricating material has the advantages of being low in friction coefficient, strong in agglutination and abrasion resistance, high in bearing capacity, low in energy consumption, small in heating, stable in operation and the like. The novel high-temperature self-lubricating material is used for manufacturing the bearings, cost is reduced, bearing capacity is improved, service life is prolonged, and comprehensive performance is improved remarkably.