The invention provides a tantalum-containing copper alloy wire/strip comprising the following components of, by mass, 0.01%-1.0% of tantalum, 0.01%-1.0% of silver, 0.01%-0.5% of iron, and the balancecopper. The invention further provides a preparation method of the tantalum-containing copper alloy wire/strip. A continuous casting machine conducts high-temperature treatment on copper-tantalum intermediate alloy, silver, copper-iron intermediate alloy and copper, drawing casting is conducted after cooling, then repeated drawing is conducted, after micro machining, continuous heat treatment is conducted through annealing equipment, the tantalum-containing copper alloy wire is obtained, and the tantalum-containing copper alloy strip of the needed specifications is obtained through rolling ofa double-roller rolling mill. With adding of the tantalum, magnetoconductivity of the copper alloy is improved effectively, the strength of the copper alloy is improved through adding of the silver, good electroconductibility of the copper alloy wire/strip is ensured, magnetoconductivity of the copper alloy can be further enhanced through the iron element in the copper alloy, and the copper alloymaterial has good magnetoconductivity, electroconductibility and strength through the element combination of tantalum, silver, iron and copper.