The invention relates to a nickel-based high temperature alloy, a preparation method thereof as well as application thereof in a spark plug electrode. The nickel-based high temperature alloy contains the following components in percent by weight: 0.04%-0.06% of C, 19%-21% of Cr, 7%-9% of W, 5%-7% of Mo, 1%-2% of Ti, 0.5%-2% of Al, 0.004%-0.006% of B, 0.03%-0.05% of Zr, 0.7%-0.9% of Fe, 0-3% of Nb, 0-1% of Y, and the balance of Ni and inevitable impurities. The preparation method of the nickel-based high temperature alloy comprises the following steps of: mixing the components in a vacuum electric-arc melting furnace according to a proportion, smelting, getting out and forming; heating up to 1200 DEG C in a heating furnace, carrying out thermal-insulation solid-solution treatment for 4 hours, and carrying out air-cooling; and carrying out thermal-insulation aging treatment for 10 hours at 800 DEG C, and carrying out air-cooling to prepare the nickel-based high temperature alloy. The nickel-based high temperature alloy disclosed by the invention has good high-temperature oxidation resistance and corrosion resistance, and can be applied to the spark plug electrode material so as to prolong the service life of an electrode and the service life of a spark plug.