The invention relates to the technical field of metallurgy, in particular to steel for bucket teeth and a preparation method thereof. The steel comprises the following chemical components in percentage by mass: 0.30-0.34% of C, 1.30-1.50% of Si, 0.80-1.10% of Mn, equal to or less than 0.025% of P, equal to or less than 0.025% of S, 1.50-1.70% of Cr, 0.06-0.08% of Ti, 0.10-0.18% of Mo, 0.020-0.050%of Al, equal to or less than 1.5*10% of H, equal to or less than 80*10% of N, equal to or less than 1.5*10% of T.O and the balance of Fe and unavoidable impurities. The preparation method comprises the following steps: 1, electric furnace smelting; 2, refining furnace smelting; 3, VD furnace vacuum smelting; 4, continuous casting; and 5, rolling. The steel is excellent in macrostructure, high inpurity, low in gas content, fine and small in crystal particle, compact in texture, low in banded structure grade, and high in mechanical property and improves the technological processability and thermal treatment of a material.