The invention discloses high-strength and high-toughness nickel-based high-temperature alloy foil and a preparation method thereof, and belongs to the technical field of nickel-based high-temperaturealloy materials. The foil comprises the following chemical elements of, by mass, 0.01-0.05% of C, 16-18% of Cr, 4-6% of Al, 3-7% of Fe, 0.001-0.02% of Y, 0.01-0.8% of Ti, 0.05-2% of Mn, 0.001-0.03% ofCe, 0.001-0.8% of Si, 0.001-0.01% of B, less than or equal to 0.20% of W, less than or equal to 0.10% of Co, less than or equal to 0.10% of Mo, less than or equal to 0.03% of Zr, and the balance Ni and inevitable impurities. The nickel-based high-temperature alloy foil for a honeycomb sealing structure can service at 980 DEG C or below with low density, low linear expansion coefficient, high temperature wear resistance, high temperature corrosion resistance, oxidation resistance, high strength, high toughness, easiness in processing and molding and easiness in welding, and the problems of long process flow, low yield and poor surface quality and plate shape of the finished product foil of an existing nickel-based high-temperature alloy foil are solved.