The invention relates to a high-strength low-carbon bainitic refractory steel and a preparation method thereof, which belongs to the technical field of low-carbon air-cooled bainitic refractory steel and solves the problems of low yield strength, complicated production process and high-temperature mechanics of refractory steel in the prior art. The problem of poor performance. A high-strength low-carbon bainitic refractory steel, the chemical composition of which is calculated by mass percentage: C: 0.07%‑0.1%, Si: 0.7%‑0.9%, Mn: 1.0%‑1.5%, Cr: 0.7%‑ 0.8%, Ni: 1.0%‑1.3%, Cu: 0.3%‑0.35%, Mo: 0.6%‑0.8%, Nb: 0.025%‑0.035%, V: 0.09%‑0.15%, Ti: 0.01%‑0.015% , (Nb+V+Ti)<0.2%, Alt<0.02%, S<0.003%, P<0.008%, and the balance is iron and unavoidable impurities. The invention improves the yield strength and high-temperature mechanical properties of the refractory steel.