The invention discloses a high-toughness aluminum lithium alloy and a preparation method thereof. The alloy comprises the following chemical components in percentage by weight: 3.2 to 4.2 percent of Cu, 0.7 to 1.8 percent of Li, 0.20 to 0.60 percent of Mn, 0.20 to 0.60 percent of Zn, 0.06 to 0.20 percent of Zr, 0.20 to 0.80 percent of Mg, 0.2 to 0.7 percent of Ag, less than or equal to 0.10 percent of Si, less than or equal to 0.10 percent of Fe, less than or equal to 0.12 percent of Ti, less than or equal to 0.15 percent of other impurities (single impurity is less than or equal to 0.05 percent) and the balance of Al. One or five of alloy elements Mn, Zn, Mg, Ag and Zr can be selectively added. Proportioning is performed according to the alloy components, the raw materials are melted, then furnace refining and standing are performed, and alloy ingots with required specifications are cast. The alloy ingots are preferably homogenized and then molded by any process of hot extruding, hot rolling and the like, and the alloy ingots thermally treated by the preferable process can be used for processing parts. The high-toughness aluminum lithium alloy material has uniform microscopic structure and stable performance, and is suitable for manufacturing thick plates and extruded materials. The ultimate tensile strength can reach over 510MPa, and meanwhile, the elongation rate is more than 8 percent and the KIc can reach over 30MPam1/2. The material product can be used for structural elements of the fields of aerospace, nuclear industry, traffic and transportation, sports goods, weapons and the like.