The invention discloses ground limestone-based bismuth and europium co-doped yellow fluorescent powder. According to the fluorescent powder, ground limestone is used as matrix, EU<3+> is used as an activating agent, Bi<3+> ions are used as a sensitizing agent, and alkali carbonate is used as a fluxing agent and a charge compensation agent; and the molar ratio of ground limestone to EU<3+> to Bi<3+> to M2CO3 is 100:(1-5):(1-15):(0.5-2.5), wherein M is one or more of Li<+>, Na<+> or K<+>. The invention also discloses a preparation method for the ground limestone-based bismuth and europium co-doped yellow fluorescent powder; and the preparation method comprises the following steps of: accurately weighing raw materials, fully grinding the raw materials in a ball grinding mill, mixing uniformly to form powder and thus obtaining precursor, pre-treating in a high-temperature furnace, grinding, calcining the precursor at CO2 atmosphere of standard atmospheric pressure, and grinding to obtain a sample. The provided preparation method for the fluorescent powder is simple, and the fluorescent powder is stable in performance, and high in luminous intensity and has important application value.