This invention discloses a cast iron material for piston inlay ring, which comprises: N 0.0005-0.2 wt.%, C 2.0-3.6 wt.%, Si 1.1-3.5 wt.%, Mn 2.8-9.0 wt.%, Ni 1.2-13.5 wt.%, Cu 1.1-8 wt.%, Cr 0-2.3 wt.%, Ti 0-2 wt.%, Mo, 0-2 wt.%, V 0-2 wt.%, Zr 0-2 wt.%, Al 0-2 wt.%, P less than or equal to 0.2 wt.%, S less than or equal to 0.2 wt.%, and Fe as balance. The cast iron material is prepared by: mixing the above components, smelting in an electric furnace, incubating, and pouring into a mold to obtain roughcast for casting inlay ring. The tensile strength (deltab), bending strength (deltabb) and Brinell hardness of the cast iron material are greater than or equal to 130 MPa, greater than or equal to 300 MPa and HB 120-170, respectively. The cast iron material has such advantages as low Ni content; lwo cost and high wear resistance, and can satisfy the mechanical property requirements of piston inlay ring of high-performance engine.