The invention relates to high-strength and high-toughness wear-resistant steel and a preparation method for nano twin crystal reinforcement and toughening of high-strength and high-toughness wear-resistant steel. The steel comprises the components in percent by mass: 0.35%-0.85% of C, 15.2%-24.8% of Mn, 0.1%-0.5% of Si, smaller than or equal to 1.0% of Al, smaller than or equal to 0.005% of S, smaller than or equal to 0.01% of P, 0.5%-1.5% of Nb, 0.2%-0.8% of Ti, 0.2%-0.75% of V, 0.005%-0.05% of N, 0.02%-0.1% of rare earth RE and the balance Fe and inevitable impurities. The stacking fault energy of an alloy is 24-30 kJ/m <2>, and the mass percent of the addition amount of Ti, Nb and V is 2: 1: 1. The preparation process comprises the steps of alloy smelting and negative pressure casting, homogenization heat treatment and cogging, hot rolling, nanometer twinning treatment, nanometer twinning stabilization and low-temperature aging treatment. According to the invention, fine structure regulation and control are carried out based on means of deformation and heat treatment by means of low fault energy and microalloying component optimization matching design, so that good structure matching is realized, and the alloy has high strength, high toughness and high wear resistance. The wear-resistant steel is excellent in comprehensive mechanical property, low in alloy cost, simple in preparation process, low in production and manufacturing cost and easy to put into industrial production and large-scale industrial equipment.