The invention relates to an ultra-fine grain hard alloy which comprises WC, a binding phase and a grain growth inhibitor. The weight percentage content of the WC is 83%-96%, the average grain size is(0.2-0.6) micron, the WC grain size deviation coefficient K is larger than or equal to 0.54 and smaller than or equal to 0.61, the grain number percentage of the WC with the grain size larger than 3 times and smaller than 5 times is smaller than or equal to 5%, and the grain number percentage of the WC with the grain size larger than 5 times is smaller than or equal to 1.1%; and the binding phaseis Co, the content of Co in percentage by weight is 3%-15%, and the grain growth inhibitor comprises Cr3C2, VC, TiC and/or Ti (C, N). The invention further relates to a preparation method of the superfine hard alloy. An end mill or a drill bit manufactured by adopting the ultrafine grain hard alloy has excellent use performance in high-speed or high-efficiency cutting machining of difficult-to-machine materials such as stainless steel, a titanium alloy, PCBs, acrylic, glass fibers, hardwood, resin and CFRP.