The invention discloses a high strength and high toughness PVC pipe and a preparation method thereof. The pipe is prepared from the following raw materials by weight part: 65-85 of SG-3 type PVC, 15-20 of bisphenol A type cyanate ester resin, 2-4 of lead sulfide, 10-15 of di-isononyl-cyclohexane-1,2-dicarboxylate, 14-18 of aluminum borate whisker, 16-22 of polyetherimide, 10-15 of chloroprene rubber, 15-20 of attapulgite, 12-16 of barium titanate, 5-10 of pumice powder, 10-15 of glycerol triacetylricinoleate, 3-5 of docosanamide, 4-6 of peat wax, 1.5-2.5 of di-n-octyltin Dilaurate, 1-2 of zinc p-toluene sulfinate, 2-3 of tri(nonylphenyl) phosphate, 1-2 of 4, 4'-thiobis(6-tert-butyl-3-methyl phenol), and 4.5-6.5 of an assistant. The PVC pipe prepared by the invention has very high tensile strength and toughness, has significantly improved pressure resistance, and has good aging resistance, wear resistance, corrosion resistance and other properties. With the characteristics of simple processing and low cost, the prepared PVC pipe has large market competitiveness.