This invention exposed a kind of ultra-fine pearlite high intensity railway steel. The weight proportion of alloy are C: 1.0-1.8, Al: 0.1-6.0, Cr: 0.1-2.5, Mn: 0.2-0.8, Si: 0- 1.5, Mo: 0-0.8, Nb: 0-0.1, V: 0-0.1, Ti: 0-0.1, Re: 0-O.05, remains is Fe. The preparation steps includes: smelting, casting to get bland, then deformation, air-cooled to get the material free from heating. The material can be smelted and rolled to be full-fashioned products, or reheated to austenite zone and rolled. Then it can get the mechanical characters of 900Mpa yield strength, 1300Mpa tensile strength and more than 10% Elongation. The wearability is 1.5 time of normal high-carbon steel. It has good jointing character. Hot rolling with high deformation can form good rail. It can be used to heavy load railway.