The invention provides a low cost, high strength and fully oxidation resistance third generation single crystal high-temperature alloy. The high-temperature alloy is mainly suitable for aircraft engine blade materials used at the temperature of 1100 DEG C or above. The alloy is prepared from the chemical components in percentage by weight: 3-5% of Cr, 5-12% of Co, 6-8% of W, 0.1-2% of Mo, 4.5-5.5%of Re, 5.5-6.5% of Al, 6-10% of Ta, 0-0.6% of Nb, 0-0.2% of Hf, 0-0.05% of Y, 0-0.04% of C, and the balance of Ni. A preparation method comprises the steps that single crystal blades or test rods areprepared within a temperature gradient range of a single crystal growth furnace being 40 K/cm-80 K/cm, at a casting temperature of 1500-1550 DEG C, under the condition that a mould shell temperatureis consistent with the casting temperature, and within the growth rate range of 4-8 mm/min. Then after solid solution homogenization treatment, high temperature aging treatment, and low temperature aging treatment, the alloy has high endurance strength and creep limit. The service life is greater than or equal to 200 h at the endurance condition of 1100 DEG C/140 MPa, and the endurance strength ofthe alloy is comparable to that of CMSX-10; and the performance of high temperature oxidation resistance is good, specifically, surface stability is good. A heat treatment window is wide, and solid solution treatment is easy to control.