The invention discloses a waste aluminum regenerated high-strength and high-toughness aluminum alloy and a preparation method thereof, and belongs to the technical field of aluminum alloy preparation. The aluminum alloy is prepared from, by mass, 8.52-8.74% of Si, 0.35-0.38% of Mg, 0.63-0.64% of Fe, 0.037-0.043% of Cr, 0.012-0.016% of Ti, 0.034-0.035% of Mn, 0.020-0.030% of Ni, 0.030-0.040% of Ba, 0.004-0.006% of C, 0.005-0.010% of B, and the balance Al and impurity elements. According to the waste aluminum regenerated high-strength and high-toughness aluminum alloy and the preparation method thereof, the high-strength and high-toughness aluminum alloy is regenerated by taking waste aluminum as the main raw material, so that recycling of metal resources such as Al, Si and Mg is realized, the use value of the waste aluminum is improved, and the production cost of the aluminum alloy is reduced. The prepared aluminum alloy is high in strength, good in plasticity and suitable for casting and forming various stress structural parts with high requirements for strength and plasticity.