The invention relates to a magnesium-iron-carbon brick used for a vanadium-extracting converter and a preparation method thereof, and belongs to the technical field of refractory materials. The brick comprises, by weight, 62-84% of fused magnesite clinker, 10-18% of flaky graphite, 5-12% of iron powder, 1-3% of netted fixed carbon and 0-5% of an anti-oxidant. The preparation method comprises (1) a step of mixing the fused magnesite clinker, the flaky graphite, the iron powder and an organic binding agent, adding or not adding the anti-oxidant, and mixing uniformly to obtain a mixture; (2) a step of subjecting the mixture to compression moulding under a pressure of 200-250 MPa to prepare an unburned brick; and (3) a step of subjecting the unburned brick to heat treatment at 150-250 DEG C for 12-32 h to obtain the magnesium-iron-carbon brick. The brick provided by the invention has good practical performances and the simple preparation method, and has a good application prospect.