The invention discloses steel for a petroleum valve body and a preparation method thereof. The steel comprises C, Si, Mn, P, S, Cr, Mo, Ni, 0.01-0.02% of Nb, 0.01-0.02% of V, Al, Cu, Ti, As, Sn, Sb, Pb, Bi, H, O, N, Fe and inevitable impurities. The preparation method comprises the steps of electric furnace smelting, LF refining, VD vacuum treatment, continuous casting and rolling. By adding V and Nb microalloying elements, precipitation strengthening and fine grain strengthening are promoted, the strength and toughness of the material are improved, especially the low-temperature impact toughness is improved, and smelting, continuous casting and rolling process parameters are controlled in the preparation process, so that the steel has high purity, compact structure and good mechanical performance, and the requirement of deep sea oil exploitation is met.