The invention discloses alloy powder for die steel laser cladding remanufacturing and a preparation method of the alloy powder. The alloy powder comprises the following components of, in percentage by weight, 0.45%-0.60% of C, 4.20%-8.50% of Co, 3.20%-4.80% of Cr, 1.20%-3.35% of Mo, 0.60%-2.40% of Mn, 0.40%-0.85% of Nb, 0.50%-2.40% of Si, 0.8%-3.2% of B, 0.01%-0.03% of Y2O3, 0.01%-0.03% of La2O3, less than or equal to 0.035% of P, less than or equal to 0.025% of S and the balance Ni. According to the alloy powder for die steel laser cladding remanufacturing and the preparation method of the alloy powder, the crack resistance, the formability, the process stability and the component uniformity of the alloy powder in the laser cladding process can be improved, the high-temperature mechanical property of 4Cr5Mo3V die steel is improved, the service life of the 4Cr5Mo3V steel is prolonged, and the economical efficiency is good.