The invention relates to chromium-tungsten-rare earth-boron series air cooling medium-high carbon bainite steel and a preparation method thereof, and belongs to the technical field of alloy steel. The components in the bainite steel comprise C, Mn, Si, Cr, W, Mo, Ni, V, Re, B, Al, P, S and the balance of Fe, wherein P and S are less than 0.035. The bainite steel is normally melted by an electric furnace to raise temperature, then aluminum is added into the melted bainite steel, the heat is preserved, the steel is discharged, rare-earth and boron are added into the steel by using a ladle flushing method, and then the mixture is cast into a cast product conventionally By setting the category and content matching of alloying elements and micro-alloying elements, the number of carbides is increased, the dispersion distribution is even, the tissue is thinned, and the prepared bainite steel has high strong hardness, high toughness and high abrasion resistance; the preparation method shortens the thermal treatment time, reduces the production cost, protects the environment, and lessens the work intensity of workers; the using amount of expensive elements is little; and the product has low cost and is convenient for popularization.