The invention provides a spring steel used for an automobile suspension. the spring steel comprises the following ingredients in percentage by weight: 0.46-0.56% of C, 0.90-1.20% of Si, 0.80-1.20% of Mn, less than or equal to 0.020% of P, less than or equal to 0.020% of S, 0.70-1.0% of Cr, 0.90-1.50% of Ni, 0.60-0.90% of Mo, 0.50-0.80% of Cu, 0.02-0.07% of RE and the balance of Fe and inevitable impurities. The invention also provides a preparation method for the spring steel and a method for preparing a spring steel wire by using the spring steel. According to the invention, the chemical components of the spring steel are reasonably designed, and the smelting rolling and steel wire preparation method and the auxiliary material adding method and proportion are improved. Compared with the existing 55SiCr steel, the tensile strength of the spring steel disclosed by the invention is improved by 400MPa, the working stress is improved by 200MPa, and the fatigue life is improved by 200 thousand times.