The invention discloses low carbon, low boron, and high chromium alloy steel and a preparation method thereof which relates to the technical field of alloy steel. The low carbon, low boron, and high chromium alloy steel includes, by weight, 0.05-0.30% of carbon, 1-3.0% of silicon, 0.8-1.3% of manganese, <0.04% of phosphorus, <0.04% of sulfur, 8-13% of chromium, 0.5-2.5% of nickel, 0.1-0.8% of molybdenum, 0.03-0.25% of boron, 0.1-0.3% of aluminum, 0.05-0.2% of tin, 0.3-1.0% of vanadium, 0.1-1.5% of tungsten, 0.05-0.3% of copper, 0.005-0.015% of tantalum, 0.05-0.15% of cobalt, 0.05-0.25% of niobium, 0.8-2.0% of cerium, 0-0.08% of titanium, with the balance being iron and unavoidable impurities. The alloy steel of the invention enables high toughness and impact resistance performance to be ensured, enables wear resistance and hardness to be improved, is easy to control in process, and is suitable for civilian use and promotion.