The invention relates to a magnesia carbon brick and a preparation method thereof. The magnesia carbon brick is prepared from, by weight, 60%-75% of fused magnesite particles, 10%-30% of fused magnesite fine powder, 5%-10% of carbon, 1%-5% of an antioxidant, 1%-3% of a binding agent and 0.4%-1% of furfural waste liquid. In the preparation process, the fused magnesite particles are placed in a mixing mill to be dry-mixed for 2-15 min, then phenolic resin and the furfural waste liquid are added to continue to be mixed for 5-15 min, then carbon is added to the mixture, mixing is carried out for 5-15 min, finally the fused magnesite fine powder and the antioxidant are added to continue to be mixed for 8-15 min, pug is formed, the rotating speed of the mixing mill is set to range from 950 r/min to 1,000 r/min, mixing time ranges from 10 min to 60 min, and the magnesia carbon brick is prepared after compression moulding and drying solidification. The preparation method is simple, the steps are easy to operate, the uniformity of mixed materials of the magnesia carbon brick is improved, the quality of the mixed materials of the magnesia carbon brick is improved, the labor intensity of workers is lowered, the use amount of phenolic resin is reduced, and due to the addition of the furfural waste liquid, the material mixing process is more even, and phenolic resin is prevented from being caked.