The invention provides a heat resistant aluminum alloy conductor material and a preparation method thereof. The heat resistant aluminum alloy conductor material comprises the following components of 0.06-0.15 % of zirconium, 0.15-0.30 % of erbium, 0.10-0.20 % of iron, less than 0.05 % of silicon, less than 0.01 % of inevitable impurities like titanium, vanadium, chromium, manganese and the like and the balance of aluminum. According to the preparation method, the heat resistant aluminum alloy conductor material is directly rolled after each component is fused and cast. The conductor material can realize that the electric conductivity can reach 59.5-60.5 % IACS (International Association Of Classification Societies), the long-term heat resistance temperature can reach 180 DEG C and the short-term heat resistance temperature can reach 210 DEG C without heat treatment; therefore, the conductor material is an electric wire and cable conductor material with great potential. The conductor material can be widely used for construction and capacity expansion reconstruction of electric power engineering; and by using the conductor material, the transmission line capacity is largely increased, the transmission line loss is reduced, the distance between poles of the transmission line can be increased, the line building cost is reduced, the tense corridor resources are saved and obvious economic benefit and energy-saving and environment-friendly significance are obtained. The heat resistant aluminum alloy conductor material provided by the invention has the advantages of reasonable component mixing ratio, simple preparation process, convenience for realizing continuous production and suitability for industrial application; and the production cost and the energy consumption of the heat resistant aluminum alloy can be effectively reduced.