The invention discloses a ferrum-based powder metallurgy antifriction material and a preparation method thereof. The material is prepared from the following raw materials in part by weight: 60 to 64 parts of iron powder, 6 to 10 parts of tin powder, 3 to 6 parts of carborundum powder, 3 to 6 parts of molybdenum dioxide powder, 4 to 7 parts of zirconium corundum powder, 10 to 14 parts of quartz sand powder, 1 to 4 parts of zirconium dioxide powder, 2 to 5 parts of cobalt powder, 2 to 5 parts of alumina powder, 2 to 5 parts of feldspar powder and 1 to 4 parts of copper powder. The preparation method comprises the following steps of preparing and mixing the raw materials, pressing for forming, sintering and cooling. The ferrum-based powder metallurgy antifriction material prepared by the method has a high friction coefficient, can quickly absorb kinetic energy and brake, is high in transmission speed and low in abrasion, is high in strength, high temperature resistant and good in thermal conductivity, and is good in anti-seizure property, corrosion resistant, and slightly influenced by grease and damp.