The invention discloses an in-situ carbon-containing refractory castable, which comprises a component A and a component B. The component A is composed of refractory raw material corundum particles, sintered magnesia, activated alumina micropowder, calcium aluminate cement and silica micropowder, and the component B is a transition metal in-situ doped polymer solution. The transition metal in-situdoped polymer aqueous solution is added into the raw materials, so that on one hand, the raw material mixture of the refractory castable is endowed with fluidity in the preparation process, and on theother hand, the polymer is pyrolyzed to produce a carbon material in the sintering process, the carbon material is dispersed and distributed in the castable, meanwhile, the graphitization degree of the in-situ generated carbon material is improved through transition metal, and according to the in-situ synthesis theory, the carbon material in the in-situ carbon-containing refractory castable has good dispersity, the non-wetting characteristic of carbon material slag can be brought into play, and the carbon-containing refractory castable is endowed with excellent mechanical properties and erosion resistance. The invention further provides a preparation method of the in-situ carbon-containing refractory castable, the technological process is simple, and industrial production is facilitated.