The invention relates to an acidic CO2 flux-cored wire with ultralow hydrogen content and high toughness and preparation thereof. The flux-cored wire is used for bridge steel and consists of a carbon steel strip serving as a skin, and a medicinal core, wherein the medicinal core comprises the following main components in percentage by weight: 42 to 45 percent of TiO2, 2.5 to 3 percent of NaF, 4 to 6 percent of SiO2, 16 to 18 percent of Si-Mn, 3 to 5 percent of Al-Mg, 3 to 4 percent of MgO, 0.5 to 1 percent of ReF, 2 to 3 percent of ZrO2, 1 to 3 percent of Ti-Fe, 1.5 to 3 percent of Al-Fe, 2 to 3 percent of B-Fe and the balance of iron powder. The wire is subjected to on-line high-frequency heating and baking during preparation; and the flux-cored wire is simply, efficiently and controllably produced in batches and has high moisture absorption resistance, and high cold crack resistance during welding, deposited metal has the characteristics of high toughness and ultralow hydrogen content, all-position welding can be performed, a weld joint is high in slag coverage and slag detachability and small in welding spatter and has attractive appearance, and the flux-cored wire is suitable for welding bridge steel of grade 50kg in highly cold and highly humid severe environment and the like.