The invention relates to the technical field of brake materials, in particular to an alloy material, a lightweight brake drum with the alloy material applied, and a lightweight brake drum preparationmethod. The alloy material is prepared from, by weight, C: 0.23-0.28%, Si: 0.45-0.55%, Mn: 1.05-1.10%, S: no greater than 0.007%, P: no greater than 0.008%, Ni: 1.05-1.20%, Cr: 0.8-0.95%, Mo: 0.5-0.62%, Al: no greater than 0.04%, and the balance Fe. The alloy material has better mechanical properties and thermal fatigue resistance. The annealing and quenching and tempering processes are added in the casting process of the lightweight brake drum, so that the mechanical property of the lightweight brake drum is enhanced. In addition, the wall thickness can be thinned and the structure of the lightweight brake drum can be optimized so as to enhance the braking stability of the lightweight brake drum and increase the driving safety performance.