The invention belongs to the technical field of alloy material preparing, and particularly relates to a powder core wire for electric arc spraying and a preparing method of the powder core wire. B powder and Zn powder serve as raw materials for preparing Zn-B alloy powder, Mg powder, Al powder and B powder serve as raw materials, Mg-Al alloy powder is prepared, and after the Al powder, the Zn powder, the Zn-B alloy powder and the B2O3 powder are heated and melted, a Zn-Al alloy belt is prepared through continuous casting, hot rolling, coiling and other procedures and is bent and dried, and then a dry U-shaped groove is prepared through drying; and then, the Zn powder, the Al powder, the Mg-Al alloy powder and the rare earth powder are mixed and dried to be added into the dry U-shaped groove, after the dry U-shaped groove is sealed, the wire is prepared through level-by-level drawing, and then the powder core wire for electric arc spraying is obtained. The obtained wire is high in hardness and good in mechanical performance, reliable wire feeding can be achieved during spraying, long-time stable spraying can be guaranteed, and the coating obtained after spraying has good mechanicalperformance, excellent corrosion resisting performance and high density.