The invention discloses an aluminum alloy cable core and a method for preparing the aluminum alloy cable core. The cable core is composed of 0.06wt% of Si, 0.40-1.2wt% of Fe, 0.05wt% of Cu, 0.01-0.05wt% of Mg, 0.01-0.3wt% of RE, 0.05wt% of Zn, 0.04wt% of B and the rest of Al. According to the aluminum alloy cable core and the method for preparing the aluminum alloy cable core, rare earth resources in China are utilized; after rare earth elements are added to conductor materials, aluminum alloy conductors which are extremely competitive in conductivity, flexibility, bending property, tensile property, creep resistance and connecting stability and excellent in resistance to corrosion are prepared through the smelting process, the rod drawing process, the wire drawing process, the compressing process and the stranding process and special annealing treatment; after being detected and verified by authorities at home and abroad, the compensative performance of the aluminum alloy cable core is far beyond current industry standards at home and abroad; high-tech aluminum alloy cable products can be widely applied to fields like electric power, automobiles, traffics, mineral products, ships, chemical industries and military, and the advantages of the high-tech aluminum alloy cable products are more obvious when the high-tech aluminum alloy cable products are used in complex and severe engineering environments.