The invention discloses a light-weight and high-strength cast aluminum lithium alloy and a preparation method thereof. The alloy consists of Li, Cu, Mg, Zn, Zr, Ti, Mn, Ce and impurity elements in specific percentages by weight as well as the balance of Al. During preparation, an aluminum alloy is obtained by smelting Al-Li, Al-Cu, Al-Zr, Al-Ti-B, Al-Mn, Al-Ce intermediate alloy, pure aluminum, pure Zn and Pure Mg, and then is subjected to two-stage solid solution heat treatment of 400-450 DEG C/8-10h and 510-540 DEG C/20-28h, and one-stage aging treatment of (120-190) DEG C* (30-48) h is carried out after hardening treatment to obtain the light-weight and high-strength cast aluminum lithium alloy. The mechanical properties such as room temperature strength, hardness, rigidity and breaking tenacity of the prepared aluminum lithium alloy are superior to those of a traditional business aluminum alloy, and the aluminum lithium alloy is also low in cost.