The invention relates to a preparation method of a knitted wool-like warm fabric. The preparation method comprises the following steps: (1) raw material selection; (2) spinning technology implementation; (3) weaving technology implementation; (4) printing, dyeing and after-finishing. The knitted wool-like warm fabric is formed by performing the after-finishing, such as knitting, dyeing, carbon grinding and softening, on hemp/cotton/polypropylene fiber blended yarns and polyolefin elastic fibers, namely confirmable elastic fibers, which serve as raw materials. By the adoption of hemp, a product can realize antibacterial, health care and anti-ultraviolet functions; cotton fibers are high in hygroscopicity and spinnability; the polypropylene fibers are poor in heat conductance and high in heat insulation property; by the blending of the three types of fibers, a product has the functions of heat insulation, moisture absorption, breathing, bacteria prevention and ultraviolet resistance; by the weaving of the polyolefin elastic fibers, the product is extremely high in elasticity and conformality. The product is soft, fine, breathable, relaxing, high in heat retention property and suitable for making high-end warm coats or skirts, is a high-quality antibacterial, health care and warm fabric which has a wide market development prospect.