The invention discloses stainless steel base material-based PTC 
thermistor paste and a preparation method thereof. The PTC 
thermistor paste comprises an inorganic bonding phase, a composite functional phase and an organic carrier, wherein the inorganic bonding phase is lead-free 
microcrystalline glass 
powder prepared from SiO2, MgO, B2O3, Al2O3, Bi2O3, a rare-earth 
oxide and a 
nucleation agent; the composite functional phase is composite 
powder prepared from micron silver 
powder, nano silver powder and doped 
copper ruthenate powder; and the organic carrier is a mixture prepared from an 
organic solvent, a high-
polymer thickener, a dispersing agent, a 
defoamer and a thixotropic agent. The PTC 
thermistor paste is high and adjustable in 
sheet resistance, high and adjustable in resistance 
temperature coefficient and excellent in printing characteristic and burning characteristic and can be matched with an insulated stainless steel base material. The preparation method sequentially comprises the steps of preparing the inorganic bonding phase, preparing the composite functional phase, preparing the organic carrier and preparing the 
resistor paste. By the preparation method, the PTC thermistor paste can be effectively produced and prepared.