The invention discloses casting piece steel for railway vehicle swing bolster side frame and a preparation method thereof. The casting piece steel comprises the following chemical components in percentage by weight: 0.23%-0.29% of C, 0.30%-0.50% of Si, 0.80%-1.00% of Mn, not greater than 0.030% of P, not greater than 0.030% of S, not greater than 0.30% of Cu, 0.20%-0.50% of Ni, 0.30%-0.40% of Cr, 0.020%-0.050% of Al, not greater than 0.10% of rear earth, and the balance of Fe and inevitable impurities. The preparation method of the casting piece steel comprises the following steps: firstly, adding materials corresponding to C, P, S, Cu and Ni into an eccentric-bottom electric arc furnace, melting the materials into molten steel, and controlling the carbon content in the molten steel to not less than 0.50%; carrying out oxidation and decarbonization by using oxygen gas, discharging steel when the temperature of the molten steel is not less than 1630 DEG C, adding refining slag, lime, a deoxidizing agent, manganese-iron alloy, silicon-iron alloy and chromium-iron alloy into every ton of steel ladles while the steel is discharged to the steel ladles, and then, carrying out molten steel refining; after casting a casting piece, feeding the casting piece steel into a gathering-releasing chain type thermal treatment line for carrying out normalizing to obtain the casting piece steel for manufacturing the swing bolster side frame. The casting piece steel disclosed by the invention has the effects of purifying steel, improving a cast structure, reducing component segregation, carrying out microalloying in steel and deteriorating impurities.