The invention discloses a preparation method of a sleeper elastic strip, and relates to the technical field of metal function material preparation. The sleeper elastic strip is prepared from the components in percentage by mass: 0.56 to 0.60 percent of carbon C, 1.8 to 2.0 percent of silicon Si, 0.80 to 1.2 percent of manganese Mn, 0.15 to 0.2 percent of vanadium V, less than 0.10 percent of copper Cu, less than 0.1 percent of aluminum Al, less than 0.015 percent of sulfur S, less than 0.015 percent of phosphorus P, and the balance ferrum Fe, wherein according to the impurity elements, the oxygen content O is less than 12ppm, and the nitrogen content N is less than 15ppm. The preparation method of the sleeper elastic strip comprises the steps of adopting an induction vacuum electric furnace for carrying out gas shield electro-slag melting, hot forging, and hot rolling to obtain a spring steel billet material; adopting the spring steel billet material as a raw material, carrying out medium frequency induction heating, molding the sleeper elastic strip, placing in a gas co-permeation furnace, carrying out gas nitrogen N, carbon C and oxygen O co-permeation treatment at the temperature of 480 to 520 DEG C, and obtaining a compound layer with the thickness being 3 to 5 micrometers and a co-permeation layer with the thickness being 0.1 to 0.2mm on the surface; carrying out zinc-aluminum coating treatment on the sleeper elastic strip subjected to gas co-permeation, drying for 0.5 to 1 hour at the temperature of 300 to 350 DEG C after coating, and controlling the thickness of thecoating to range from 3 micrometers to 5 micrometers.