The invention relates to a medical implanted titanium alloy with low elastic modulus and high fatigue strength and a preparation method. The medical implanted titanium alloy comprises, by weight, 30-33% of Nb, 1-6% of Zr, 2-4% of Mo, 0.20-0.40% of O, and the balance Ti. The preparation method of the medical implanted titanium alloy specifically comprises the steps that smelting is conducted by using a vacuum non-consumable electric-arc furnace to obtain an alloy ingot with uniform ingredients, solution treatment is conducted at 850-950 DEG C after the alloy ingot is subjected to hot forging into bar materials, and water cooling is conducted to the room temperature; then cold rolling deformation processing is conducted, and the deformation quantity is 80-90%; and finally, aging heat treatment is conducted, the heating temperature of the aging heat treatment is 400-500 DEG C, and the heat preservation time is 1-12 h. According to the medical implanted titanium alloy with the low elasticmodulus and the high fatigue strength and the preparation method, after cold rolling and heat treatment, the strength is significantly higher than that of a current most-widely-applied medical implanted titanium alloy Ti-6Al-4V, the fatigue strength is comparable to Ti-6Al-4V, the elastic modulus is only 52% of Ti-6Al-4V, the biocompatibility and the mechanical compatibility are more excellent, and the medical implanted titanium alloy can be applied to preparation of biomedical implants.