A novel scandium-containing cast aluminum-lithium alloy is disclosed. The alloy includes, by weight, 1.6-1.99% of Li, 0.9-1.9% of Cu, 0.2-0.7% of Mg, 0.1-0.25% of Zr, 0.05-0.35% of Sc, and impurity elements which are Fe, Si, Na, K and P, with the balance being Al, with the Fe content being less than 0.15% and the total content of the impurity elements being less than 0.25%. During preparation, Al-Cu and Al-Zr master alloys, pure aluminum, pure Mg and pure Li are smelted to obtain an aluminum alloy; then three stages of solid solution heat treatment are performed including solid solution heat treatment at 440-460 DEG C for 32 h, solid solution heat treatment at 510-520 DEG C for 24-32 h and solid solution heat treatment at 530-540 DEG C for 1-6 h; and after water quenching, artificial ageing treatment at 150-190 DEG C is performed for 16-48 h to obtain the novel scandium-containing cast aluminum-lithium alloy. The obtained novel scandium-containing cast aluminum-lithium alloy has a uniform microscopic structure, stable performance, density lower than density of traditional aluminum alloys, higher elastic modulus and rigidity, and other mechanical properties, and is low in cost. Theultimate tensile strength of the novel scandium-containing cast aluminum-lithium alloy can be 450-490 MPa and the specific elongation is 4.5-7.0%.