The invention relates to a wear-resistant aluminum alloy and a preparation method thereof, and belongs to the technical field of non-ferrous metals. The aluminum alloy is prepared from the following chemical components in percentage by mass: 10.4 to 11.8 percent of Si, 1.5 to 2.5 percent of Zr, 1.2 to 2.2 percent of Ti, 0.05 to 0.1 percent of Cu, 1.2 to 1.7 percent of Sn, 0.5 to 0.7 percent of Mn, 1.4 to 2.4 percent of Nb, 0.07 to 0.2 percent of Fe, 0.03 to 0.15 percent of Ni, 0.05 to 0.15 percent of Cr, 0.14 to 0.22 percent of V, 0.2 to 0.25 percent of Mo and the balance of Al. The preparation method comprises the following steps: firstly, carrying out mechanical alloying through a high-energy ball mill, and then carrying out microwave sintering, low-temperature rolling, vacuum annealing treatment and magnetic field subzero treatment. By optimizing the contents of elements such as silicon, zirconium, copper, nickel and manganese and adding chromium, vanadium, molybdenum and tin, forced solid solution between atoms of different elements is realized by means of mechanical alloying, and a microwave sintering technology, a low-temperature rolling technology and a magnetic field cryogenic technology are applied to refine crystal grains, improve compactness and form deformation stress strengthening, so that the high-strength and high-toughness alloy is obtained. And the hardness and wear resistance of the aluminum alloy are improved.