The invention relates to a high-heat-strength hot-work die steel. The high-heat-strength hot-work die steel comprises the following alloy elements of, in percentage by mass, 0.40-0.45% of C, 0.10-0.30% of Si, 0.30-0.50% of Mn, 4.50-5.00% of Cr, 2.10-2.50% of Mo, 0.60-0.90% of V, 0.80-1.50% of Co, less than or equal to 0.015% of P, less than or equal to 0.002% of S, and the balance Fe and inevitable impurities. The invention also provides a preparation and heat treatment method of a cobalt alloying hot-work die steel, the method comprises the following steps of burdening, smelting, casting andelectroslag remelting; high-temperature diffusion annealing and multi-direction forging hot working are carried out; preparation heat treatment is carried out; and final heat treatment is carried out.According to the steel prepared by the preparation method, the defect that 4Cr5MoSiV1 steel carbide is prone to coarsening and growing under the high-temperature condition is overcome, the solid solution strengthening effect of the cobalt element is utilized and the proportion of the components is reasonably adjusted, a proper preparation method is combined, so that the high-temperature strength,the tempering-resistant softening performance, the heat-resistant fatigue resistance and the heat-melt-loss resistance of the material are greatly improved, and the requirement for the high-temperature comprehensive performance of the material for the manufacturing of the current hot-work die is met.