The invention relates to the technical field of high-speed steel structure materials, in particular to a novel high-speed steel structure material and a preparation process thereof. Chemical components of the novel high-speed steel structure material are composed of, by weight, 0.15%-0.45% of Si, not larger than 0.03% of P, not larger than 0.03% of S, 1.15%-1.45% of W, 1.05%-1.15% of C, 8.90%-9.50% of Mo, 3.80%-4.25% of Cr, 1.25%-1.55% of V, 0.15%-0.40% of Mn, 2.75%-3.75% of Co, not larger than 0.25% of Ni, not larger than 0.30% of Cu and the balance Fe. The invention aims at providing the novel high-speed steel structure material and the preparation process of the novel high-speed steel structure material, the performance of the novel high-speed steel structure material can be equivalent to that of M42 steel, and the novel high-speed steel structure material can comprehensively replace imported M35 and domestic M42. Meanwhile, the problems that the traditional M42 steel needs a large quantity of the element Co and the thermal treatment temperature interval is narrow are solved, the yield in forging and thermal treatment production is increased, the content of the element Co is decreased to 3% from 8%, and in other words, protection of the state for precious metal resources is facilitated while cost is reduced. By means of the novel high-speed steel structure material and the preparation process, the defects that it is difficult to smash traditional M42 carbide particles and the grain size number is likely to be large are overcome, and grains and carbide are also refined.