A method to prepare ultra-fine grain tungsten-copper alloy and the tungsten-copper alloy, it belongs to powder metallurgy technology field. The solution of concentrated HNO3 and solution of Cu (NO3)2 will be added into the solution of (NH4)2WO4 at the condition that they are blended, the chemical deposition reaction will occur in the agitator. And then the deposit will be burned and grinded to produce the composite powder of tungsten-copper oxidate. The composite powder will be reduced at low temperature in the pipe furnace, and nanometer tungsten-copper composite powder can be gained, and then they will be pressed to take shape, the pressed compact will be sintered at the protection of H2 and ultra-fine grain tungsten-copper alloy can be gained. The weight percent of copper in a kind of tungsten-copper alloy produced according to the above method is 20%, the relative density of the alloy is 98.0%-99.7%, the average crystal grain size of the tungsten in the alloy is 0.5-1.5 mu m, the electrical resistance of the alloy is 0.035-0.041X10-6omega .m, the heat-transmit index is 200-223W.m-1.k-1. The advantage of it is that. The densification degree of the alloy is high, the tungsten crystal grain is small and uniform, the copper is highly dispersed to compose a compact net. And the flow of it is short, the technology operation is easy and reliable, the production efficiency is high, the energy and production cost is lower, and an industrial production can be carried on according the method.