The invention provides a preparation method of spherical amorphous alloy powder, and relates to the technical field of amorphous alloy powder preparation, The preparation method comprises the following steps of selecting pure iron, pure chromium, pure molybdenum, pure graphite, silicon, boron iron and yttrium iron, and enabling the atomic ratio of Fe, Cr, Mo, B, C, Si and Y elements in the raw materials to satisfy the ratio range of 43.12-44.88: 18.62-19.38: 13.72-14.28: 5.88-6.12: 13.72-14.28: 0.98-1.02; smelting pure iron, pure chromium, pure molybdenum and pure graphite, and after smeltingto a molten state liquid, adding silicon, boron iron and yttrium iron together for smelting; and when all the raw materials are smelted to a molten state liquid, preparing the spherical amorphous alloy powder by using an air atomization method. In the preparation method, pure iron, pure chromium, pure molybdenum and pure graphite are fed and smelted firstly, the smelting is mainly used for fast dissolving materials, so that the oxygen increment in the material is reduced; and the silicon, the boron iron and the yttrium iron adopt a secondary feeding mode, mainly for controlling the components,the addition amount and time are precisely controlled through secondary feeding, and the burning loss of the Si, B and Y elements is reduced or avoided.