The invention discloses a duplex stainless steel and a preparation method thereof. The duplex stainless steel comprises the following components: C, Si, Ni, Mn, Cr, N, Ca, Mg, Ti, Co, Y, and the balance is Fe and not Impurities to be avoided, and the weight percentage of the impurities is ≤0.1%. Its preparation process is to first dehydrate and degas the above raw materials and smelt pure iron, then add other raw materials in an orderly manner, fill the furnace with argon as a protective gas, control the pressure and temperature, and then add the remaining C, Ti, Co, Y, Mn, and then transport the mixed mother liquor to the AOD furnace for oxygen decarburization, nitrogen blowing and composition adjustment, and finally through vacuum casting, rolling, solution treatment and quenching treatment in turn. Compared with the prior art, the duplex stainless steel of the present invention not only has good corrosion resistance, but also has greatly improved tensile strength and elongation performance.