The invention discloses corrosion-resistant high-strength light steel and a preparation method, and belongs to the technical field of alloy steel. The steel comprises the following chemical components of, in percentage by weight, 1.4wt%-1.7wt% of C, 25wt%-30wt% of Mn, 10wt%-12wt% of Al, 3wt%-5wt% of Cr, 0.05wt%-0.1wt% of Nb, less than or equal to 0.003wt% of S, less than or equal to 0.003wt% of P and the balance Fe and inevitable impurities. The preparation method comprises the following steps that a vacuum induction furnace is adopted for smelting, a cast ingot is manufactured through casting, and the cast ingot is homogenized for 10 hours-15 hours at the high temperature of 1100 DEG C-1200 DEG C; the cast ingot is subjected to homogenization treatment and then forged into a square billet; the forging stock is heated to 1180 DEG C-1200 DEG C, and the temperature is maintained for 2 hours-4 hours; 5 passes-8 passes of hot rolling are conducted on the homogenized forging stock, the forging stock is water-cooled to the room temperature, and the corrosion-resistant high-strength light steel is obtained; and the density of the steel is smaller than 6.5 g/cm < 3 >, the yield strength is 1000 MPa-1200 MPa, the tensile strength is 1100 MPa-1300 MPa, the ductility is larger than 20%, and the steel has corrosion resistance superior to that of common steel and has wide application potential in the fields of automobiles, ships, hydropower, wind power and the like.