The invention discloses a preparation method of aluminum foil suitable for a lithium ion battery. The method includes the steps that firstly, rare earth elements are ground to obtain a nano rare earth material with the grain size being 1-200 nm, the nano rare earth material and aluminum powder are ground, mixed and stirred and then pressed into a powder cake, and then the powder cake is melted and cast into a rare earth aluminum intermediate alloy ingot; secondly, the rare earth aluminum intermediate alloy ingot and an aluminum ingot are added into a smelting furnace to be smelted, and a blank is obtained; thirdly, the blank is cast into a large slab ingot, finish face milling is conducted, and aluminum crystal refining is achieved through an annealing process; fourthly, the large slab ingot is hot-rolled, annealed for the first time, roughly rolled and annealed for the second time; fifthly, the large slab ingot is cold-rolled, annealed for the first time, roughly rolled and annealed for the second time, and a primary product is obtained; and sixthly, the primary product is finely rolled to obtain the aluminum foil. Correspondingly, the invention discloses the aluminum foil prepared through the method. The aluminum foil is high in strength, heat conductivity and electric conductivity, good in mechanical performance and resistant to electrochemical corrosion.