The invention relates to the technical field of wire drawing, and particularly discloses modified metal wire drawing powder. The modified metal wire drawing powder is prepared from the following components in parts by mass: 10 to 60 parts of lubricant, 10 to 60 parts of friction-reduction additive, 1 to 15 parts of extreme pressure agent, 0.3 to 10 parts of anti-rust agent and 5 to 25 parts of alkaline metal/alkaline earth metal hydroxide, wherein the extreme pressure agent comprises methylphenyl silicone oil. A preparation method of the modified metal wire drawing powder comprises the following steps of mixing and stirring the lubricant, the friction-reduction additive and the anti-rust agent, heating, adding a saturated water solution of the alkaline metal/alkaline earth metal hydroxide, preserving heat and reacting for a period of time, adding the extreme pressure agent, uniformly stirring, drying, and crushing, so as to obtain the modified metal wire drawing powder. The modified metal wire drawing powder has the advantages that the lubricating property and anti-corrosive property are good, the high temperature and high pressure-resistant property is realized, the cost is low, the abrasion consumption is low, and the storage is easy.