The invention discloses an aluminum alloy welding wire and a preparation method thereof. The aluminum alloy welding wire consists of the following components in percentage by weight: 5.5-6% of Mg, 0.1-0.15% of Ti, 0.1-0.3% of Cr, 0.08-0.18% of Mn, 0.05-0.2% of Sc, 0.1-0.18% of Nd, 1-2% of Mo, 1-2% of W, 0.2-0.8% of V, 0.01-0.05% of Bi, 2-5% of Cu, 0.25-0.35% of Zr, 0.1-0.25% of Ag, less than or equal to 0.25% of Si, less than or equal to 0.2% of Fe, less than or equal to 0.20% of Zn, less than or equal to 0.15% of other impurity elements each being less than or equal to 0.05%, and the balance Al. The aluminum alloy welding wire disclosed by the invention is compact in tissue and is smooth in surface; and tensile strength, cracking resistance, wear resistance and corrosion resistance of a welding seam are good.