The invention relates to the technical field of special steel forgings, in particular to high-temperature-resistant and high-toughness hot work die steel and a preparation method thereof. The hot workdie steel comprises the following components of, in percentage by weight, 0.38 %-0.40% of C, 0.25 %-0.40 % of Si, 0.45 %-0.55 % of Mn, 4.75 %-5.3 % of Cr, 1.7 %-1.9 % of Mo, 0.60 %-0.80 % of V, 0.30%-0.50 % of Ni, less than or equal to 0.002 % of S, less than or equal to 0.0015 % of P, and the balance Fe. The preparation method comprises the following steps of electric arc furnace smelting, external refining, casting, atmosphere protection electroslag remelting, forging, quenching oil cooling treatment and spheroidizing annealing treatment. According to the steel and the method, the raw material proportion of the hot work die steel is optimized, and the content of Si, V, Mo, Ni and other elements is limited within an accurate adjustment and control range, so that the adding amount of corresponding Si, V, Mo, Ni and other elements can be accurate, and the problem that all properties of the die steel are incompatible is solved; and the high-performance hot work die steel can be directly manufactured by selecting the numerical value of the content within the range, so that the finished product rate is remarkably increased.