The invention relates to a ventilation material for a molten iron ladle and a preparation method thereof. The method is characterized in that corundum fine powder, alpha-Al2O3 micro powder, quartz sand fine powder, aluminum hydroxide, aluminum fluoride, additives, foaming agents, foam stabilizing agents, water reducing agents and calcium aluminate cement are mixed; water is added; stirring, shaping, curing and drying are performed; heat treatment is performed at 1,400 to 1,600 DEG C; crushing and sieving are performed to obtain a particle material A and a particle material B with different granularities; then, thermosetting phenolic resin, surfactants, monatomic silicon powder, silicon carbide powder, copper powder and ammonium metavanadate are mixed and are uniformly stirred to obtain modified resin; next, corundum particles, particle material A, particle material B, crystalline flake graphite, silicon carbide powder and modified resin are uniformly mixed and are pressed and shaped; heat treatment is performed at 100 to 300 DEG C to obtain the ventilation material for the molten iron ladle. The ventilation material has the advantages that the production cost is low; the prepared ventilation material for the molten iron ladle has the characteristics of great high-temperature anti-folding intensity, stable ventilation performance, excellent flushing-resistant performance and a long service life.