The invention provides a wear resistant cast iron roll collar used for aligning a steel rail and a preparation method, which belong to the technical field of steel rail processing. The prior wear resistant cast iron roll collar used for aligning the steel rail has the defects of easy occurrence of cracks, complicated manufacture process and the like in quenching process. The method is to compound a wear resistant outer layer with a magnesium iron inner layer into an integral roll collar by centrifuge casting, wherein the wear resistant outer layer comprises the following ingredients in weight percentage: 3.0 to 3.4 percent of C, 1.5 to 2.0 percent of Si, 1.2 to 1.6 percent of Mn, 0.2 to 0.4 percent of Nb, 0.03 to 0.06 percent of RE, 0.03 to 0.06 percent of Mg, 2.5 to 3.0 percent of Ni, 0.4 to 0.6 percent of Mo, 0.8 to 1.2 percent of Cu, 1.5 to 1.8 percent of Cr, 1.0 to 1.4 percent of V, 0.03 to 0.08 percent of B, 0.002 to 0.005 percent of Te, 0.01 to 0.03 percent of Ba, less than or equal to 0.06 percent of P, less than 0.03 percent of S, and the balancing being Fe. The invention has the advantages of high hardness of the roll collar, good wear resistance, simple production process and low production cost.