The invention provides a preparation method of a molybdenum-tungsten alloy sputtering target material. The preparation method includes the following steps that step 1, a certain proportion of molybdenum powder, tungsten powder and tungsten trioxide powder are taken, ball milling and mixing are performed under a protective atmosphere, and the materials are mixed uniformly; step 2, the uniformly mixed materials are subjected to powder filling in a rubber sleeve, and then cold isostatic pressing forming is performed to obtain a blank body; step 3, the blank body is sintered in two stages under ahydrogen protective atmosphere to obtain a sintered blank; step 4, the sintered blank is heated under the protection of hydrogen or argon, then hot rolling and leveling are performed, and finally, annealing is performed under hydrogen or vacuum to obtain a molybdenum-tungsten alloy slab; and step 5, the molybdenum-tungsten alloy slab is subjected to grinding and other machining as required to obtain a molybdenum-tungsten alloy product. The preparation method is simple in preparation step, the purity and relative density of the prepared molybdenum-tungsten alloy sputtering target material bothmeet the usage requirements in the TFT-LCD display film-coating field, the production cost is low, the product size is wide, and industrial mass production is convenient.