The invention discloses a geomechanical model simulating material for simulating a rock mass, which is formed by mixing the following components in parts by mass: 100 parts of barite powder, 0.5 to 7 parts of cement, 0.5 to 1.5 parts of water, 2 to 6 parts of semi-refined paraffin wax, and 2 to 6 parts of No.32 hydraulic engine oil; through testing, a test sample with the volume weight of 28KN / m<3> and size of 10cm*10cm*10cm, which is made of the material, has the deformation modulus of between 29.5 and 109.1MPa and the tensile strength of between 0.33 and 1.21MPa; and through a test sample with the volume weight of 24KN / m<3> and size of 10cm*10cm*5cm, which is made of the material, has the deformation modulus of between 26.4 and 94.7MPa and the tensile strength of between 0.30 and 1.02MPa. The invention also discloses a preparation method of the material. The rock mass simulating material provided by the invention contains the cement, the water, the paraffin wax and the hydraulic engine oil, so that the tensile strength and the deformation modulus of the rock mass simulating material can change in a larger range by regulating the respective mixing amount of the cement, the water, the paraffin wax and the hydraulic engine oil, and the requirement for simulating rock masses with different performances can be fulfilled; and the invention has the advantages of simple preparation process, low energy consumption, high efficiency and low cost.