The invention discloses polycarbonate/glass fiber alloy used for the cold resistant housing of an intelligent water meter and a preparation method thereof. The polycarbonate/glass fiber alloy comprises, by weight, 30 to 50 parts of PC, 30 to 50 parts of an PC recycled material, 0.3 to 0.5 part of a fireproof agent FR2025, 0.5 part to 2 parts of titanium dioxide, 9.5 to 11.5 part of glass fiber, 2 to 5 parts of EMA, 0.1 to 0.5 part of an anti-oxidant1010, 0.1 to 0.5 part of an anti-oxidant 168, 0.3 to 0.5 part of an ultraviolet resistant agent UV-531, 0.03 to 0.08 part of diffusion powder EBS, 0.04 to 0.08 part of ultramarine blue powder, 0.02 to 0.04 part of iron oxide red powder 0.005 to 0.01 part of high temperature resistant florescent yellow powder and 2 to 5 parts of a cold resisting agent 2602. The alloy has the characteristics of high performance, high cold resistance, high fire retardancy, high impact, high stability, resistance to static electricity and the like, and can be used for preparing the housing of intelligent water meters used in chilly regions and for preparing terminal rows.