The invention discloses a preparation method of a high temperature resistant forsterite type refractory material. The method comprises the following steps: using nickel-iron slag as raw materials and magnesia powder as additives, wherein the ratio of [w (MgO) + w (FeO)] to [w (Al2O3)+w (Cr2O3)] is 10.50 to 13.57, the ratio of w (MgO) to w (Cr2O3) is 34.90 to 48.12 and the ratio of w (MgO) to w (SiO2) is 1.19 to 1.61, adding binding agents and controlling calcination temperature to be 1360 DEG C to 1450 DEG C, inducing mineral phase reconstruction of the nickel-iron slag, optimizing transformation process of refractory crystal form (Mg2SiO4, MgO.Fe2O3, MgO.Al2O3, MgO.Cr2O3) to increase refractoriness of the refractory material. The refractoriness of the obtained refractory material is 1700 to 1800 DEG C, and the refractory material also has the advantages of high compressive strength, large bulk density, low apparent porosity, and can fully meet the industrial need of the refractory material. The preparation method of the high temperature resistant forsterite type refractory material has the advantages of high utilization rate of resources, high production efficiency, high added value, environment friendliness, easiness in process control, low production cost and the like.