The invention relates to a high-strength high-toughness high-nitrogen austenitic stainless steel welding wire and a preparation method thereof. The welding wire is prepared from the alloy components in percentage by weight: less than 0.1 percent of C, less than 0.02 percent of S, less than 0.03 percent of P, 0.1 to 0.9 percent of Si, 5 to 21 percent of Mn, 15 to 23 percent of Cr, 0 to 8 percent ofNi, 0 to 5 percent of Mo, 0.2 to 0.95 percent of N, the balance Fe, and less than 0.1 percent of other impurities. The preparation process comprises the steps of smelting through an induction furnace, electro slags remelting, hot forging, hot rolling, heat treating, and drawing of the welding wire. According to the welding wire provided by the invention, the component proportion is scientific andreasonable, the content of nitrogen elements is increased, the content of manganese elements is adjusted, and the solid solubility of the nitrogen is increased, so that the prepared welding wire is stable in welding process, less in escape amount of hydrogen elements, less in blowhole defects, good in welding processability, high in deposited metal strength, excellent in impact toughness at the temperature of minus 40 DEG C, suitable for welding high-nitrogen austenitic stainless steel, particularly suitable for welding the austenitic stainless steel with the requirement on low-temperature impact toughness, and capable of being surfacing-welded so as to be used as anti-corrosion layers for other steel and iron materials.