The invention discloses BaO-TiO2 lead-free Y5U capacitor dielectric material and a preparation method for the same. The dielectric material comprises a main component, sintering aids and modified adulterants; the main component adopts Ba(1-X-Y)MgXCaYTiO3 solid solution, wherein X is equal to 0.001 to 0.1 mol and Y is equal to 0.001 to 0.2 mol; the sintering aids adopt one or the mixture of at least two of low-melting-point oxide, such as Bi2O3, B2O3, CuO, V2O5, ZnO, SiO2, Al2O3 and the like, and low-melting-point glass dust; and the modified adulterant comprises one of or the mixture of at least two of different metal oxide, such as MgO, Ta2O5, Nb2O5, MnO2, ZrO2, CaO, La2O3, Nd2O3, Y2O3, CeO2, WO3, Dy2O3 and the like, and does not contain Pb. Lead-free Y5U capacitor dielectric material can be prepared through reasonable compounding, optimized synthesis and ball milling, which can be sintered within the temperature range of 1,310 to 1,350 DEG C and has excellent dielectric property, wherein epsilon r is equal to 9,500 plus or minus 800, D.F is less than or equal to 2.0 percent, and BDV(AC) is more than or equal to 3.5 kv/mm.