The invention discloses a low-voltage varistor ceramic chip which is formed by sintering mixed powder. The mixed powder comprises, by mass, 94-96% of ZnO, 0.2-4% of Bi2O3, 0.1-0.6% of MnCO3, 0.1-2% of Co3O4, 0.1-0.6% of NiO, 0.002-0.02% of Al(NO3)3, 0.1-0.5% of TiO2, 0.01-0.5% of Nb2O5, and 0.01-2% of Sb2O3. With the low-voltage varistor, low-voltage varistor 8/20 [mu]s waveform through-flow performance can be well improved, and low-voltage varistor energy-bearing capacity can be improved. The high-energy low-voltage varistor has good lightening resistance. Also, the invention provides a preparation method of the low-voltage varistor ceramic chip and a preparation method of the low-voltage varistor.