The invention discloses an overhead heat-resistance aluminum alloy conductor material and a preparation method thereof, and relates to the technical field of aluminum alloy conductor materials. The overhead heat-resistance aluminum alloy conductor material comprises the following elements in percentage by mass: 0.10-0.45% of zirconium, 0.01-0.10% of yttrium, 0.01-0.10% of scandium, 0.3-1.0% of lanthanum and cerium, 0.05-0.18% of iron, silicon not more than 0.05%, nickel not more than 0.05, magnesium not more than 0.02, zinc not more than 0.04, boron not more than 0.01, and the balance of aluminum and inevitable impurities. The preparation method comprises the following steps: foundry returns, aluminum ingots and Al-Fe intermediate alloy blanks are put in a smelting furnace, are heated for melting, and are transferred into an insulation furnace; then, Al-Zr, Al-Sc, Al-Y and Al-RE intermediate alloys are added for refining and deslagging to prepare fine alloy melts; a continuous casting and continuous rolling process is adopted to firstly pour the fine alloy melts as aluminum alloy castings; and the aluminum alloy castings are leaded into a rolling mill to roll aluminum alloy rods with needed specifications. The aluminum alloy conductor material is high in electric conductivity and excellent in high-temperature resistance; and the preparation method needs no heat treatment, saves the energy consumption, and reduces the production cost.