The invention discloses an electric heating wire formulation and an electric heating wire preparation process. The electric heating wire formulation comprises, by mass, 30-50% of Cr, 30-50% of Ni, 1-5% of W, 1-3% of Mo, 5-10% of Ai, 1-3% of Si, 0.3-3% of Y2O3 composite oxide and the balance Fe. Corresponding raw material powder is subjected to mechanical alloying, drying, pressing, sintering, forging, hot rolling, bright annealing and surface preoxidation film treatment, nano oxides high in distribution density and small in size exist in a matrix and have a remarkable pinning effect on dislocation motion of alloy under a high-temperature condition, creep resistance of an electric heating wire at a high temperature is improved, the service life of the electric heating wire is longer than that of an existing electric heating wire by ten times or more, the utilization temperature reaches 1400 DEG C, and usability of the electric heating wire is greatly improved.