The invention discloses a multi-principal-component high-temperature alloy and a preparation method thereof. The preparation method adopts a forming technique combining mechanical alloying with discharge plasma sintering, an element Ti is added on the basis of four elements of Nb, Mo, Ta and W with high melting points, alloying is achieved when the elements are in solid states, the melting and solidifying processes are not required, a blocky material with the high performance can be obtained through only one-time solid phase sintering, and the problem that a smelting method is high in smeltingtemperature is solved, so that the machining temperature is reduced substantially, and a technology is simplified; and the defect that a NbMoTaW multi-principal-component high-temperature alloy system is low in room-temperature plasticity is overcome. The preparation method has the advantages of low preparation temperature, high efficiency, less energy consumption and the like; a prepared alloy matrix is of a single-phase body-centered cubic structure, uniform in structure and small in crystal grain, has relatively high strength and plasticity, and is obvious in fine grain strengthening and carbide dispersion strengthening effects.