The invention relates to the field of magnesium alloy of metal materials, and concretely relates to a casting magnesium alloy containing Zn, Al, Cu and Mn with high strength and toughness. The casting magnesium alloy comprises the following components in percentage by weight: 6.0-8.0% of Zn, 0.5-1.5% of Al, 0.5-1.0% of Cu, 0.3-0.7% of Mn and the balance of Mg and inevitable impurity elements, wherein the content of the impurity elements is less than 0.01%. A preparation method of the casting magnesium alloy comprises the steps of: smelting Mg at the temperature of 740-760 DEG C by using an iron crucible; after pure magnesium is completely smelted, sequentially adding preheated pure metal Zn, Al, Cu and Mg-10wt.% and Mg intermediate alloy for alloying, wherein mixed CO2 and SF6 are used as protective gases in the pure magnesium smelting and alloying processes; stirring, slagging off, standing for 15-20 minutes, adjusting the temperature of an alloy fusant to 700-720 DEG C, and casting into an ingot; and carrying out solution treatment on the alloy for 24-64 hours at 350-400 DEG C, quenching by warm water at 40-60 DEG C, then preageing for 8-24 hours at 50-70 DEG C, and finally preageing for 2-6 hours at 150-200 DEG C to obtain the casting magnesium alloy with high strength and toughness. In room temperature extension tests of the casting magnesium alloy, the yield strength is not less than 205MPa, the tensile strength is not less than 305MPa, the elongation rate is not less than 10%, and the casting magnesium alloy has excellent comprehensive mechanical property.