The disclosed copper strip for Cu-covered-Al composite cable comprises: 59. 9705-99. 9805% cathode copper, <40% waste red copper, 0. 002-0. 012% P, <0. 002% O, and <0. 0155% other impurity. The preparation method comprises: mixing, smelting, covering, deoxidizing, revolving furnace, covering, holding, detecting, casting, sawing, ingotting and heating, hot-rolling, milling surface, coarse rolling, end shearing, intermediate annealing, fine rolling, product annealing, surface passivating, and packaging. This product has high conductivity, strength, extensibility, and welding feature. The tension processing ratio can come up to 99. 99%.