The invention relates to a high-toughness and low-resistivity silver-gold alloy bonding wire. The high-toughness and low-resistivity silver-gold alloy bonding wire is prepared from the alloy components in percentage by weight: 80%-100.0% of Ag, 0%-20.0% of Au, and 0%-0.01% of two or more of Ce, Cu, Pd, Be, Mg and Ca which are minute in content. According to the high-toughness and low-resistivity silver-gold alloy bonding wire, the fracturing load is larger than 10 cN, meanwhile the elongation is larger than 18%, the mechanical property is adjustable and controllable, and the resistivity is smaller than 1.8 [mu]omega.cm; and the using cost of the silver-gold alloy bonding wire is lowered by 80% or above compared with the material cost of an existing bonding alloy wire, the mechanical property, the electrical property, oxidation resistance and the bonding property are excellent, and thus the high-toughness and low-resistivity silver-gold alloy bonding wire can be widely applied to the field of packaging.