The invention relates to a spinel-yttrium aluminum garnet fireproof material and a preparation method thereof. The preparation method comprises the following steps: firstly with 40-50wt% of magnesia particles, 10-30wt% of spinel particles, 10-20wt% of magnesia powder, 10-20wt% of alumina powder, 3-7wt% of spinel powder and 0.5-7wt% of dry blend material as raw materials, additionally adding a binding agent accounting for 3-7wt% of the raw material, stirring uniformly, and carrying out mechanical pressing; and then drying a moulded green body for 12-36 hours at 110 DEG C, then baking at 1450-1650 DEG C, preserving heat for 2-8 hours to obtain the spinel-yttrium aluminum garnet fireproof material. The preparation method of the dry blend material comprises the following steps: firstly with 20-40wt% of metal aluminum powder, 25-40wt% of aluminum nitride and 30-50wt% of compound containing yttrium as the raw materials, putting the raw materials into a ball mill for dry blending uniformly, and preparing the dry blend material. The prepared spinel-yttrium aluminum garnet fireproof material not only has higher refractoriness, refractoriness under load and high temperature strength, but also has good anti-erosion performance and thermal shock resistance.