The invention discloses a bifunctional glass and a preparation method thereof. The preparation method includes: firstly, in terms of molar percentage, placing 10-18% of Ga2O3, 15-28% of SiC, 14-25% of B2O3, 1-3% of GeO2, 5-40% of Eu2O3, 5-30% of Tb2O3, and 0.1-2% of CeO2 into a ball mill to conduct ball-milling till being able to pass a 200-mesh stand sieve, thus forming a batch; and then subjecting the batch to high temperature melting in air atmosphere into molten glass, finally pouring the molten glass in a graphite mold to undergo forming, and then carrying out precise annealing to obtain the bifunctional glass. The bifunctional glass prepared according to the invention has high light transmittance, strong magnetism, high luminescent intensity, high brightness, pure chroma, high quenching concentration and temperature, excellent glass forming properties, excellent thermal stability and chemical stability. And the preparation process is easy to operate, thus being suitable for industrialized production.