The invention relates to high-performance elastic copper alloy and a preparation and processing method thereof. According to the weight percentage, the high-performance elastic copper alloy comprises the basic components as follows: 1 to 4 percent of Ni, 0.4 to 1 percent of Si, 0.5 to 1.5 percent of Co, and the rest percent of Cu, wherein the components in a copper alloy product need to satisfy the conditions as follows: (a) the content of Ni or Si is larger than or equal to 2.5 percent and smaller than or equal to 5 percent; (b) the content of Ni plus Si is larger than or equal to 1.4 percent and smaller than or equal to 4.0 percent; (c) the content of Ni plus Co is larger than or equal to 1.5 percent and smaller than or equal to 4 percent; and (d) the content of Ni plus Si or the content of C is larger than or equal to 1 percent and smaller than or equal to 5.0 percent. The preparation and processing method of the high-performance elastic copper alloy comprises the step: a, material burdening, material feeding, melting and casting which are conducted according to the weight percent; b, surface milling; c, hot rolling; d, solid solution treatment; e, cold processing; f, primary aging; g, cold processing; h, secondary ageing; i, pickling; and j, finished product annealing. The tensile strength Sigma b of the copper alloy is 780 to 950MPa, the plastic elongation rate Delta of the copper alloy is 4 to 10 percent, and the electric conductivity of the copper alloy is 35 to 55 percent according to an international annealed copper standard (IACS). The copper alloy has the advantages of high elasticity, high strength, high fatigability, good heat resistance and high electric conductivity.