The invention discloses a solder paste with low dielectric loss and high reliability and a preparation method thereof. The technical solution is: 85.4-91.6wt% solder alloy powder, 8.4-14.6wt% flux, wherein the tin powder includes 2.5-4.1 wt% silver, 0.5‑2.6wt% copper, 6.5‑8.7wt% indium, 3.1‑4.7wt% zinc, 0.11‑0.25wt% molybdenum, 0.09‑0.19wt% vanadium, 0.08‑0.21wt% lutetium and the rest of tin, the flux includes 35.4‑42.6wt% rosin, 8.4‑14.6wt% organic acid, 1.8‑4.6wt% organic amine, 3.3‑6.1wt% thixotropic agent, 3.5‑6.8 wt% of thermosetting resin, 1.4-3.2wt% of antioxidant and the balance of organic solvent, the thermosetting resin is composed of 48-56wt% of cyanate resin and 44-52wt% of epoxy resin. There will be no corrosive residue on the board, and the prepared solder paste has low residue, low dielectric loss, high surface insulation resistance after soldering, and high reliability solder paste, which is suitable for use in 5G-related application scenarios.