The invention discloses a preparation method of a high-toughness wear-resistant steel casting. The preparation method comprises the following steps: raw materials are added to a smelting furnace, a smelting additive, which comprises sodium borate, sodium fluosilicate, sodium carbonate, sodium chloride, rare earth carbonate, lithium oxide and titanium dioxide, is added, an inert gas mixture of an argon gas and a helium gas is supplied, and matrix alloy liquid is obtained; the component contents of the matrix alloy liquid are detected, and the components comprise C, Si, Cr, Mn, Mo, B, Al, V, Zr, Nb, S, P, the balance Fe and unavoidable impurities; a modificator, which comprises silicon carbide, boron nitride, tungsten oxide, silicon dioxide, molybdenum metal and magnesium metal, is added to the matrix alloy liquid, and a cast steel blank is obtained by casting; and the cast steel blank is subjected to heat treatment, and the high-toughness wear-resistant steel casting is obtained. The steel casting obtained by the preparation method has good wear resistance, the hardness can reach above 70HRC, and the impact toughness can reach 15J/cm<2>.