The invention provides a high-performance direct-current zinc oxide varistor and a preparation process thereof. The varistor is prepared from the following components in parts by mol: 90 to 98 parts of ZnO, 0.5 to 7 parts of Bi2O3, 0.1 to 10 parts of Sb2O3, 0.1 to 2 parts of Co2O3, 0.1 to 5 parts of SiO2, 0.1 to 5 parts of MnO2, 0.1 to 5 parts of Cr2O3, 0.1 to 4 parts of NiO, 0.1 to 1 part of B2O3, 0.01 to 0.6 part of Al(NO3) 3.9HO, 0.01 to 0.5 part of V2O5, 0.01 to 0.5 part of CeO2 and 0.05 to 0.5 part of silver glass powder. According to the varistor and the preparation method thereof, by adding B2O3, V2O5, CeO2 and silver glass powder in a traditional varistor, and by coating a varistor blank surface with bismuth-containing oxide during high-temperature firing and by carrying out direct-current coating and diffusion treatment on the varistor obtained by high-temperature firing according to the preparation process, various performances, such as aging resistance, rectangular wave current impact tolerance stability and large current impact tolerance stability of the varistor can be greatly improved, and the preparation process has the advantages of low cost, high efficiency and the like.