The invention belongs to the field of manufacturing of rare earth permanent magnet materials, and particularly relates to a high-working temperature low-magnetic variation rare earth-cobalt permanentmagnet material and a preparation method. In order to solve the problems that in the prior art, the working temperature of a permanent magnet material is not higher than 500 DEG C, and practical application is influenced due to the fact that the permanent magnet material has a great magnetic performance difference under the room temperature working condition and the high temperature working condition, the rare earth-cobalt permanent magnet material is prepared from alloys including the A component and the B component, and the chemical formula of the material is A1-xBx, wherein in the chemicalformula, x=0-1; the chemical formula of the A component is Sm(Co1-u-v-wCuuFevZrw)Z, wherein in the chemical formula, Z-6.5-7.5, u=0.08-0.13, v=0.09-0.22, and w=0.027-0.033; and the chemical formula ofthe B component is HRE(Co1-u'-v'-w'Cuu'Fev'Zrw')Z', wherein in the chemical formula, HRE is one or more heavy rare earth elements in Gd, Er, Tb and Ho, Z'=6.8-7.8, u'=0.08-0.13, v'=0.09-0.22, and w'=0.027-0.033. The invention further provides the preparation method of the material. The material is applied to high-working temperature application occasions such as aviation and aerospace systems andthe like.