The invention discloses a preparation method of a high-strength and corrosion-resistant Al-Y-Sc alloy and the Al-Y-Sc alloy. The preparation method includes the following steps that S1, an alloy castingot is prepared, specifically, intermediate alloys are prepared from Cu, Sc, Zr, Y, Fe, Cr, Ti Mn and Al, Mg is divided into two parts, the intermediate alloys Al-Cu, Al-Sc, Al-Zr, Al-Y, Al-Fe, Al-Cr, Al-Ti and Al-Mn, pure Zn and high-purity Al are smelted, and then a first part of Mg, an Al-Ti-B grain refiner, hexachloroethane and a second part of Mg are sequentially added; casting is performedto obtain the alloy cast ingot; and S2, the alloy cast ingot is sequentially subjected to homogenization treatment, solid solution treatment, quenching, pre-aging, regression and re-aging treatment,and the high-strength and corrosion-resistant aluminum alloy is obtained. The prepared aluminum alloy is high in strength, good in toughness, excellent in heat stability and fatigue resistance and long in service life.