A preparation method of a high-strength and high-plasticity Inconel 718 alloy based on SLM comprises the following steps: S1, selective laser melting forming is conducted, specifically, an Inconel 718 alloy blank is printed through a selective laser melting method; and the Inconel 718 alloy blank is sequentially subjected to step S2: isostatic pressing heat treatment, step S3: stress relief annealing treatment, step S4: solution treatment and step S5: two-stage aging treatment, specifically, the temperature of isostatic pressing heat treatment is 1165-1170 DEG C, the pressure intensity is 125-135 Mpa, and the time is 210-270 min; the temperature of stress relief annealing is 790-810 DEG C, and the time of stress relief annealing is 20-40 min; the temperature of solution treatment is 940-960 DEG C, and the time of solution treatment is 20-40 min; and in two-stage aging treatment, the temperature of first-stage aging treatment is 750-770 DEG C, the time of first-stage aging treatment is 470-490 min, the temperature of second-stage aging treatment is 640-660 DEG C, and the time of second-stage aging treatment is 470-490 min. The Inconel 718 alloy prepared by the method has strength, plasticity and hardness and has excellent comprehensive mechanical properties, and the application of the Inconel 718 alloy can be expanded to the field of more precise and complex structures.