The invention discloses a ferrum- and copper-based powder metallurgy antifriction material and a preparation method thereof. The material is prepared from the following raw materials in part by weight: 72 to 75 parts of mixed powder, 5 to 8 parts of alumina powder, 3 to 7 parts of zinc oxide, 2 to 5 parts of barium oxide, 4 to 8 parts of carbon monofluoride, 4 to 8 parts of micronized wax, 3 to 7 parts of nickel oxide powder, 10 to 14 parts of tin powder, 2 to 5 parts of zirconium dioxide powder and 3 to 6 parts of carborundum powder. The preparation method comprises the following steps of mixing, pressing, sintering, shaping and impregnating oil. The antifriction material is excellent in wear-resisting property, low in friction coefficient, low in running noise, high in mechanical property, large in bearable load, wide in application range and low in price, and meets the requirement on environment friendliness as components do not contain harmful lead; moreover, the preparation process is simple, parameters are easy to control, the production process is safe and environment-friendly, and the antifriction material is suitable for large-scale industrial production.