The invention provides a wrought magnesium alloy material with low cost, a high performance and heat resistance, and a preparation method thereof. The wrought magnesium alloy material is prepared fromthe chemical components in percentage by weight: 4.0 to 9.0 percent of Zn, 0.5 to 8 percent of Sn, 0.1 to 5 percent of Cu, 0.5 to 2 percent of Mn, and the balance magnesium and inevitable impurities.According to the wrought magnesium alloy material with the low cost, the high performance and the heat resistance, and the preparation method thereof provided by the invention, the problems that an existing high-strength heat-resistant wrought magnesium alloy material uses a rare earth element and a high-price alloy material, so that complicated processes such as large plastic deformation (rapidsolidification, powder metallurgy and the like) are higher in cost and the like are solved; and the element components of the alloy are reasonably blended, a conventional smelting and casting processis adopted, and reasonable heat treatment process conditions are selected after conventional plastic deformation and forming, so that the wrought magnesium alloy material with an excellent mechanicalproperty and a performance being remarkably superior to a high-strength ZK60 wrought magnesium alloy can be obtained. The wrought magnesium alloy material provided by the invention has the characteristics of low cost, high performance, no rare earth, and excellent high temperature and room temperature properties, and has a great application prospect.