The invention relates to a preparation method for a silver-based alloy contact material. Silver powder, tungsten powder, nickel powder, copper powder, aluminum powder and titanium carbide are mixed proportionally and them smelted in vacuum, and melted liquid is atomized into powder; the obtained powder is put into an oxidation furnace for internal oxidation treatment, and internally oxidized alloypowder is obtained; and the procedures of cold pressing, high temperature sintering, re-pressing, extruding and drawing of the internally oxidized alloy powder are conducted, and the silver-based alloy contact material is obtained. Through the method, the heating time of materials at a high temperature is greatly shortened, losses of silver materials are reduced, through internal oxidation, oxidephases are diffused and evenly distributed in matrix phases, the alloy reinforcement effect is achieved, meanwhile, through raw material optimization and matching, the oxide phases of the adopted rawmaterials can remarkably improve the electric resistance, fusion welding resistance and abrasion resistance of the alloy material, and the alloy material can be better applied to the field of electronic devices.