The invention provides a copper-iron alloy material and a preparation method and application thereof. The copper-iron alloy material comprises, by weight, 5-20wt. % of iron, 0.002-0.05wt.% of RE and the balance copper. The copper-iron alloy material is easy to operate, the smelting temperature is greatly reduced, the smelting temperature in a crucible furnace is 1200-1250 DEG C, and compared withthe temperature of 1600 DEG C or above in a traditional method, energy consumption can be reduced; a vacuum smelting technology is adopted, oxidation in the high-temperature process can be avoided, the high purity of the material is guaranteed, and the oxygen element content can be lower than 150ppm; and the vacuum smelting technology is adopted, subsequent cold drawing deformation is combined, the structure components of a copper-iron alloy wire are uniform, the ductility of the copper-iron alloy wire can reach 24% or above, the wire breaking problem in electromagnetic shielding wire preparation can be reduced, the yield is increased, and the performance requirements for electric conduction and magnetic shielding of the electromagnetic shielding material can be met.