The invention discloses a repair material for a steel ladle and a preparation method thereof, and relates to the repair material for the steel ladle. The repair material for the steel ladle is prepared from the following components in percentage by mass: 75 to 90 percent of corundum and/or alumina particles and fine powder, 0 to 5 percent of activated alumina micro-powder, 2 to 9 percent of magnesia, 1 to 4 percent of sepiolite and 0 to 5 percent of an additive; the preparation method of the repair material for the steel ladle comprises the following steps: weighing and bagging the corundum and/or alumina fine powder, the activated alumina micro-powder, fine magnesia powder, the sepiolite, silicon micro-powder and the additive according to the requirement of a formula; checking the weight,and adding the components into a material mixing machine; after the materials are mixed, fixing single weight, and bagging the materials for later use; adding a fine powder homogenizing material andfibrous sepiolite into a mixing machine according to the requirement of the formula; adding magnesia and corundum particles less than or equal to 1 mm, stirring, and then adding the corundum or alumina particles of 3 to 1 mm and 5 to 3 mm, stirring and discharging a material, and sealing and packaging a finished product by using plastics. The repair material can be directly used without adding water and stirring, has high construction performance, and is used for repairing refractory materials, such as a steel ladle breathable pocket brick, a nozzle pocket brick and a steel ladle brick, in a thermal state.